Lorna Tan
To gain greater clarity, you can also sync your financial information with Singapore Financial Data Exchange, or SGFinDex, using your SingPass via the financial planning application or website from participating financial institutions.
Doing so will enable you to consolidate all your data from the Central Provident Fund (CPF), Housing and Development Board, Inland Revenue Authority of Singapore, the Singapore Exchange’s Central Depository, as well as other banks and insurers to give you a more comprehensive view of your financial health.
By better understanding your overall financial health, you can make more holistic decisions about your money.
4. FINANCIAL ADVISERS
While there are advantages to getting online financial advice, such as potentially feeling less pressure to purchase products, some may still prefer human interaction and the reassurance that they are able to reach out to a customer service representative when necessary.
Unless you have a good grasp of financial education, are an active saver and are disciplined in managing money, you will likely need professional advice on understanding your financial objectives, how to quantify them more accurately, mitigating against your saving and investing biases, and sticking to your financial plan.
This is where financial advisers come in.
When selecting a financial advisory representative, consider their credentials and track record, the range of solutions they provide, their trustworthiness, how they are remunerated (salaried, commissions or fee-based), and the level of service you require.
Once you have made your selection, stick with them instead of consulting with multiple advisers.
Such discussions, just like those found on online forums, can help to ascertain your beliefs and raise questions that did not occur to you.
7. GET EDUCATED
Research has shown that financial education can substantially impact the financial wellness by correcting misunderstandings and inculcating good money habits.
Be on the continuous lookout for content, workshops and seminars that can give a boost to your financial know-how — MoneySense, for example, regularly offers these.
For the many CPF schemes available, the CPF Board’s website also has information on each one how best to optimise them.
Rather than relying completely on external sources, having some knowledge yourself will give you a better idea on whether you are getting sound advice and recommendations.
ABOUT THE AUTHOR:
Lorna Tan is Head of Financial Planning Literacy at DBS Bank and the author of Money Smart and Retire Smart.