Initiative aims to help Singaporeans make better long-term financial decisions.
SINGAPORE – The Central Provident Fund (CPF) Board is set to launch a nationwide project in the second half of 2024, targeting mature CPF members aged 36 to 54. This initiative, called the Heartlands Engagement Project, is designed to encourage participants to think beyond short-term financial fluctuations and focus on the long-term effects of their retirement decisions.
Targeting a Key Demographic
The primary goal of the project is to raise awareness and help CPF members improve their retirement plans. Participants are expected to understand the importance of making informed financial decisions today to secure a comfortable future. The initiative is designed to engage around 40,000 CPF members across key districts and will also reach younger members aged 18 to 35, guiding them to start their retirement planning early.
Expert Opinions on CPF Planning
Experts emphasize the importance of CPF in retirement planning. Aaron Chwee, OCBC’s head of wealth advisory, stresses that CPF is a key vehicle for retirement savings. However, it should be supplemented with other passive income sources to achieve a more comfortable lifestyle.
A Growing Financial Awareness
The OCBC Financial Wellness Index of 2022 revealed that many Singaporeans are underestimating the costs of their desired retirement lifestyles. Observers have noted a shift in mindset, with more people asking about how to maximize their CPF contributions and delay withdrawals, indicating a deeper understanding of its value in retirement planning.
The CPF Board also engages younger audiences through innovative digital initiatives. In April, a financial literacy escape game called Catching Insomnia was launched to teach key financial concepts. Since its introduction, over 2,500 young people have participated, learning critical skills such as budgeting, investing, and understanding compound interest.
