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
Citation
Chan, David and KOH, Benedict S. K., "Build Your Own Nest: Singapore's first study on matched savings schemes for lower income, older women" (2018). Research Collection School of Social Sciences. Paper 3258.
https://ink.library.smu.edu.sg/soss_research/3258
Available at: https://ink.library.smu.edu.sg/soss_research/3258
Copyright Owner and License
Authors
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Included in
Asian Studies Commons, Finance and Financial Management Commons, Gerontology Commons, Psychology Commons