Young and older investors pick fixed deposit as their top investment choice: Poll

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About 80 per cent of investors of all ages, including those in the 21 to 30 age group, have such accounts.

If you find queues at banks have become longer, it's because many investors see fixed deposits as good deals.

Although respondents also prefer government bonds and special savings accounts that offer higher rates on the first $100,000, the fixed deposit is likely to be the dominant product because everyone knows how it works and bank customers can also move their funds into such deposits online. This means that some of them could be heavily invested in just one stock and thus face higher risk if the value of the stock plunges.It is clear from the poll that financial literacy is often a work in progress, with many people saying that they cannot rely on property and the CPF – two popular asset classes that many swear by – for retirement.

These owners should know that the most important feature of CPF is not dependent on their fund balance alone but how much they are willing to save for CPF Life, when the national annuity scheme kicks in for those who reach 55. Many high-salary earners are content to let their income accumulate in savings accounts without doing anything with it. But if they do not bother to keep excess cash in fixed deposits to earn higher interest, they are in effect missing out on the extra cash from the bank which can fund their holidays.

Moreover, it is hard to make long-term plans because the interest rate is never stable and changes quite often in tandem with the global economy.

 

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