Three-quarters of Singapore-based expatriates say their ability to save has been impacted by the global financial crisis, according to the latest research from Zurich International Life's Expatriate Wealth Monitor.
Only 26% of the 209 high-earning expats questioned said they were ‘confident’ or ‘very confident’ of retiring at their ideal retirement age.
Andy Robinson, general manager of ZIL in Singapore, said the ramifications of the current economic downturn are being felt around the globe and Singapore is no different.
“While attractive financial benefits are often associated with offshore postings, the expatriate community is also starting to feel the effects of the global credit crunch, which means they too should be paying serious attention to their current savings and investment plans,” he said.
Singapore residents seem scarcely more likely than their Hong Kong-dwelling counterparts to seek professional investment advice. Some 36% of both expats and Singapore locals said they relied on their own judgment when making financial planning decisions, with 32% of expats and 26% of locals preferring to seek guidance from family and friends.
“Clearly, more has to be done in building trust and creating a sound environment for expats to source quality financial advice,” said Robinson.
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