Publication Type

Report

Version

publishedVersion

Publication Date

10-2018

Abstract

Matched Savings Scheme is a research study, commissioned by the International Longevity Centre – Singapore (ILC – Singapore) of the Tsao Foundation and funded by the Tote Board, found that a monthly matched savings scheme is effective in sustaining the retirement savings behaviour among a group of 377 elderly women from low-income households over the study period of 18 months. The research, conducted by principal investigator psychology professor David Chan and co-investigator finance professor Benedict Koh, used an experimental design and longitudinal tracking to examine the effects that different factors of a matched savings scheme have on the participants’ decision to continue saving regularly (through voluntary monthly top-ups of their CPF special account). The findings showed that for matched savings schemes to be effective, they should take into account (i) the amount saved, (ii) the matching ratio, and (iii) how the matching ratio is framed to the participants.

Keywords

Savings, retirement savings, elderly, low income, matched savings, Singapore

Discipline

Asian Studies | Finance and Financial Management | Gerontology | Psychology

Research Areas

Finance; Psychology

First Page

1

Last Page

7

Publisher

Tsao Foundation

City or Country

Singapore

Embargo Period

12-13-2020

Copyright Owner and License

Authors

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