A Malaysian financial planner recently revealed that many Singaporeans secretly admire certain aspects of Malaysian life. Despite Singapore's high living standards and strong currency, there's a silent desire among Singaporeans for what Malaysians effortlessly have.
Through the TikTok account @cflieu, this financial planner shared insights suggesting that despite Singapore's enviable living conditions, there exists a pervasive undercurrent of admiration for the Malaysian lifestyle among the Lion City's residents.
The planner highlighted numerous disparities, mentioning frequent grievances among Singaporeans concerning their Central Provident Fund (CPF) and the challenges associated with car ownership. "I believe you do not understand how many Singaporeans secretly envy Malaysians," the planner remarked.
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Singaporeans, despite benefiting from a strong currency exchange rate, seemingly yearn for what the average Malaysian takes for granted. The impact of the COVID-19 pandemic prompted the Malaysian government to allow unconditional fund withdrawals from CPF accounts, a stark contrast to the restrictions faced by Singaporeans.
The ease with which Malaysians can own cars, including recent graduates, is a point of admiration for Singaporeans. In contrast, obtaining a Certificate of Entitlement (COE) in Singapore after a decade of work remains uncertain, let alone purchasing a vehicle.
Watch his commentary below, or click here to watch it on TikTok
However, the grass isn't always greener on the other side.
A survey conducted by financial services platform RinggitPlus highlights the financial struggles of Malaysians, revealing inadequate savings, monthly financial challenges, and significant anxiety about their future financial state.
The report exposes a worrisome trend where 8.1 million EPF members withdrew RM145 billion during the pandemic, leaving a considerable portion of members with minimal savings. Bank Negara Malaysia's report further raises concerns about retirees facing insufficient funds, even warning of potential depletion of retirement savings by the age of 58, well before life expectancy.
The evident financial strains faced by Malaysians amidst rising living costs, coupled with the daunting retirement fund requirements, pose substantial challenges for the populace.
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Source: Sin Chew Daily