Yahoo Finance 53.4% of female investors in Singapore wish to lead financially-free lives and retire before turning 60: moomoo survey
For 27.1% of the over 2,000 investors polled, becoming financially secure remains a top priority for them.
About one in two women – or 53.4% of the respondents polled in Moomoo Singapore’s first Singapore Women’s Financial Fitness survey – have indicated that they wish to lead financially-free lives and retire before turning 60 years old. In contrast, only 14.3% of respondents polled are considering retiring only after 70 years or later, or not at all.
The survey polled 2,655 female investors in Singapore who are aged 21 years and older. The same respondents have a median annual income of $60,000 and are employed.
According to the survey findings, 72.3% of the respondents know how much contingency savings they need. Within the same survey, it was found that 58.3% of the women polled are confident that they have enough funds to retire with a peace of mind. The same women have also invested in an asset class of choice to contribute to their retirement funds. Of the pool, 42.2% of the respondents polled indicated that they have invested in stocks while 17.2% have invested in bonds. Another 13.2% have invested in funds while 27.4% put their money in a mix of exchange-traded funds (ETFs), REITs, options and more.
Among the respondents, 33.4% of female investors were found to be “enthusiastic” about trading having performed four trades or more in the past three months. Another 51.3% said that they review their portfolios every quarter.
For 27.1% of the investors polled, becoming financially secure remains a top priority for them. Among the women surveyed, 22.5% of them say that they would like to look after themselves during their golden years and 20.4% are looking to accumulate more savings.
In the survey, 40.2% of the investors polled say that they are “not mentally and or financially prepared to face a loss or reduction in income”, which is why they have turned to investments as a means to boost their retirement nest egg.
To this end, 41.7% of the respondents, say the need for additional income drives them to consider investing in resilience. To build a resilient portfolio, 20.0% say that having a sound understanding of both technical and fundamental analyses is critical, while 19.3% prefer having easy access to educational materials on investing. 12.2% would prefer hearing from a wealth advisor and 6.8% view having a supportive community as critical.
When it comes to their financial matters, 29.6% of women investors in Singapore prefer to conduct their own research. Another 19.8% say that they prefer to seek advice from their family members while 23.0% of them trust the advice provided by independent financial advisors and or bankers. Another 16.0% look to their friends for advice while 11.6% would look to social media and other sources for advice on wealth planning and retirement.
Despite this, 42.3% of the respondents polled say that they “do not feel financially secure”. 41.7% of them have indicated that they are not confident that they can meet their retirement goals.
However, 51.4% of the respondents polled view investing as “essential for inflation” while the rest hold contrasting views.
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