Singapore ranked first for retirement funds out of 44 countries surveyed in the most recent edition of the Global Retirement Index (GRI) for this yr.
In the GRI report published by Natixis Investment Managers, Singapore competed closely with New Zealand within the Finance sub-index, achieving similar round scores of 79 per cent over the past three years.
According to the GRI framework, retirement funds include the state of a rustic’s sound economic system, the quantity of savings and investments it has made, and the degree to which it has retained the purchasing power of savings.
While Singapore showed the “biggest improvement” within the health sub-index of all countries within the study, rising five places on the list, the Republic had the “seventh lowest rating of all countries measured”.
As such, Natixis said there’s “still room for improvement” in medical health insurance spending in Singapore’s overall rating within the health sub-index.
There can be a rise in the common life expectancy index, which moves up three positions to fourth place.
Quality of life and material well-being, nonetheless, are sub-index areas wherein Singapore performs relatively poorly – with a rating of 52 per cent in each areas – in comparison with retirement funds and health.
Singapore also dropped two places to forty first, reportedly on account of lower social happiness scores and worsening environmental aspects.
The quality of life sub-index measures the extent of happiness and success of members of a rustic’s society, in addition to basic living conditions resembling air quality, water and sanitation, biodiversity and habitats.
In particular, the fabric well-being sub-index measures the power of a rustic’s population to satisfy their material needs.
Singapore dropped from twenty ninth place last yr to thirty second overall this yr on the fabric well-being sub-index, despite its high rating in indicators of per capita income and employment.
According to Natixis, this will be attributed to decreased income equality:
“In the face of increasingly uncertain economic conditions and rising life expectancy, it has become imperative for individuals to proactively begin planning for retirement early,” said Madeline Ho, managing director and head of wholesale fund distribution in Asia Pacific at Natixis Investment Managers.
“Individuals in Singapore are well-positioned to make the most of the enabling environment to plan for retirement security well into the silver age, given Singapore’s established track record of fine governance and sound financial infrastructure,” she added.
Singapore ranks twenty eighth out of 44 countries surveyed by GRI, as seen within the table below.
It is value noting that not one of the five Asian countries included within the study ranked in the highest twenty-five quality of life sub-indexes, while several of the highest ten countries were Scandinavian countries resembling Denmark, Norway and Sweden.
Iceland, Ireland, Switzerland – and, closer to Singapore, New Zealand – also made it to the highest ten in the standard of life sub-index, in addition to in the general rating.
Iceland tops the general list, replacing Switzerland this yr, with Norway remaining third.
Source: Natixis | Theonlinecitizen.com
