No job for 6 months? It's OK
MORE Singaporeans feel that they are able to survive financially for at least six months if they lose their jobs, according to the results of a poll released yesterday by insurance group AIA.
Sixty per cent of the 1,217 people surveyed said that they could live on savings, insurance payments or money from family and friends for six months or more - an increase from last year's 55 per cent.
But, if they remain unemployed for more than a year, fewer of them would have enough resources to cope with living expenses, said the survey, which was conducted between June 27 and July 14.
Only 32 per cent said that they could mange without an income for a year or more - a drop from 39 per cent last year, and the lowest since the annual survey was started in 2004.
A reason for the pessimism was that last year's rising inflation had depleted the savings of Singaporeans, said AIA.
According to experts who my paper spoke to, confidence levels may be even lower now, as more reports of job losses and wage cuts emerge.
Workers are typically encouraged to have six to 12 months of liquid emergency funds, said financial planners from OCBC Bank and the Professional Investment Advisory Services.
However, with reports that the recession might last more than a year, Singaporeans might want to start looking at holding two years' worth of liquid savings, said Mr Leong Sze Hian, president of the Society of Financial Service Professionals.
So far, the most optimistic forecast is that the situation will improve in the fourth quarter of next year.
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http://www.asiaone.com/Business/News/My+Money/Story/A1Story20081210-106660.html
MORE Singaporeans feel that they are able to survive financially for at least six months if they lose their jobs, according to the results of a poll released yesterday by insurance group AIA.
Sixty per cent of the 1,217 people surveyed said that they could live on savings, insurance payments or money from family and friends for six months or more - an increase from last year's 55 per cent.
But, if they remain unemployed for more than a year, fewer of them would have enough resources to cope with living expenses, said the survey, which was conducted between June 27 and July 14.
Only 32 per cent said that they could mange without an income for a year or more - a drop from 39 per cent last year, and the lowest since the annual survey was started in 2004.
A reason for the pessimism was that last year's rising inflation had depleted the savings of Singaporeans, said AIA.
According to experts who my paper spoke to, confidence levels may be even lower now, as more reports of job losses and wage cuts emerge.
Workers are typically encouraged to have six to 12 months of liquid emergency funds, said financial planners from OCBC Bank and the Professional Investment Advisory Services.
However, with reports that the recession might last more than a year, Singaporeans might want to start looking at holding two years' worth of liquid savings, said Mr Leong Sze Hian, president of the Society of Financial Service Professionals.
So far, the most optimistic forecast is that the situation will improve in the fourth quarter of next year.
[email protected]
http://www.asiaone.com/Business/News/My+Money/Story/A1Story20081210-106660.html
