The Basic Financial Planning Guide is an easy framework for six life stages from young working adults to retirees.
It provides recommended guidelines to help you save for emergencies, insure, invest for retirement and put in place legacy planning.
Understand that your financial journey is unique. Tailor your plan to suit your circumstances and meet evolving needs.
Embarking on a financial planning journey can seem daunting, especially given the vast array of tips and recommendations available across websites and social platforms.
To make financial planning more accessible, the Monetary Authority of Singapore (MAS), Association of Banks in Singapore (ABS), Association of Financial Advisers (Singapore) (AFAS) and Life Insurance Association (LIA) have developed an easy-to-use Basic Financial Planning Guide. This comprehensive framework aims to help Singaporeans understand the key elements and diverse needs of financial planning across various life stages, so they can take actionable steps to identify and close gaps in their finances.
The guide includes diversified investment product options, recommended levels of cash and investment considerations, and actionable principles based on 6 customer archetypes below:
Fresh entrants to the workforce (19 - 29 years old)
Working adults starting a family (25 – 34 years old)
Working adults supporting their aged parent(s) (35 – 59 years old)
Working adults who are supporting their children and aged parents (35 – 59 years old)
Pre-retirees looking to stop working (55 – 64 years old)
Retirees who are enjoying their golden years (65 years and above)
Some of the recommendations covered in the guide include:
Source: Basic Financial Planning Guide
Note: This is not designed to be exhaustive as it may not cater to every individual’s specific needs, circumstances, and preferences.
This guide provides a solid starting point with recommended action steps. It is also important to understand that your own financial journey is unique and should be tailored to your risk appetite, goals, and time horizon.
Ready to get started?
A unique wealth journey requires personalised planning tailored to your needs.
At UOB, we recognise the importance of balancing risk and returns. We start by identifying how much risk you are able and willing to take before considering the returns you aim to achieve.
As you progress in life, your needs and goals will also evolve along with your financial plan.
Speak to one of our bankers to start planning or review your existing plan.
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Disclaimers
The information provided in this article is intended for your general knowledge only and is not a substitute for customised financial advice. Please seek advice from a licensed or an exempt financial adviser before making any decision to buy, sell or hold any investment or insurance product. If you choose not to seek advice from a licensed or an exempt financial adviser, please consider carefully whether the investment or insurance product is suitable for you in view of your financial and personal circumstances.
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