7 in 10 CPF members said they would invest if bank fees were lower

SINGAPORE: Seven in 10 Central Provident Fund (CPF) members said they would be more likely to invest if agent bank fees were lower. A March 2024 survey by the Securities Association of Singapore (SAS) and the Securities Investors Association (Singapore) (SIAS) gathered 3,500 responses from CPF members (retail investors) about the CPF Investment Scheme (CPFIS).

It found that 96 per cent knew they could invest their CPF monies and 72 per cent had already invested, reported the Singapore Business Review. It added that 73 per cent planned to invest in the next six to 12 months.

Singapore Savings Bonds (SSBs), Treasury Bills (T-Bills), stocks, exchange-traded funds (ETFs), and unit trusts were the most common investment choices mentioned. Two-thirds of respondents also said they would invest in Business Trust products on the Singapore Exchange if these were included in the CPFIS.

The survey also revealed a need for better financial education, with 82 per cent of respondents expressing interest in more CPF-related investment content. /TISG

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