Unlike the defined benefit system adopted by the United States, Singapore operates a defined contribution system administered by the Central Provident Fund (CPF). When originally conceived, CPF's main goal was to help citizens save for retirement. However, over the years, it has evolved into a...

Over the life-cycle, wealth holdings tend to be highest in the early part of retirement. The quality of financial decisions among older adults is therefore an important determinant of their financial security during the asset drawdown phase. This paper assesses how financial literacy shapes...

Singapore's mandatory national defined contribution pension system permits participants to invest their retirement savings in a wide range of investment instruments if they wish, rather than leaving their savings in CPF accounts to earn interest rate by default. This paper asks whether workers...