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Are You More Financial Savvy Than A Singapore Ah Beng/ Ah Lian?

Turns caffeine into digestible finance content. You can contribute your thoughts like Ming Feng here.

Well, I’m kidding. I came across “Ah Bengs” who are really well-versed in personal finance.

In fact, on many occasions, I am labelled to be an Ah Beng due to my great “appreciation” for Singlish (and many times, Hokkien vulgarities). We “Ah Bengs” just raised the bar for financial literacy and hence, if you are not passing the quiz below, you are not doing it right!

Go on and put yourself to the test to determine how much extra time you should be spending in the year 2018 on Personal Finance.

How Financially Savvy Are You?

For Singaporeans, age 55 and below, what is the contribution rate (% of wage) by employee and employer to Central Provident Fund (CPF) respectively?

The Central Provident Fund (CPF) is a comprehensive social security savings plan for Singaporeans. It is implemented to ensure that Singaporeans save up for retirement, housing, and healthcare. For age below 55, employees are expected to contributes 20% of their wage while their employer contributes an additiona 17% to their CPF account.

Why is it important to get a health insurance?

Health insurance is voted the most important type of insurance by our Seedly Personal Finance Community. It mainly takes care of the hospital and surgical bills and outpatient care.

The Straits Times Index, Exchange Traded Fund (STI ETF) is a simple way to invest in how many of Singapore's top companies?

Singapore financial bloggers and our Personal Finance SG Community advocate the STI ETF as one of the first products you should consider for this very reason – diversity at low cost. It is A simple way to invest in Singapore's top 30 companies

In order for a couple to be eligible for a BTO, what is the income ceiling for their gross monthly income?

Before submitting your application for a BTO, it will be healthy to learn more about the flat types and plan your finances ahead. The current income ceiling for 3-room flat is at $6,000 to $12,000 for non-mature estates and $12,000 for mature estates. This ceiling is increased to $18,000 for 4-room flat if purchasing with extended or multi-generation family.

What is Singapore's average core inflation rate for the past 10 years?

In any growing economy, there is bound to be inflation. Inflation is the reason why the general level of prices of goods and services increases over time. In Singapore, core inflation is at 1.9% (average for the past 10 years)

Starting 1 July 2018, people living in Singapore is to expect an increase in price for?

The hike implemented on 1 July 2017 is the first step to a two-part water price change. In the year 2018, Singaporeans will feel the impact of the second phase of the increase in water price.

What is the Basic Retirement Sum for the year 2018?

The Basic Retirement Sum is the amount of savings which you have chosen to set aside in your Retirement Account to receive monthly payouts from your payout eligibility age. For the year 2018, the Basic Retirement Sum is set at $85,500. The current payout eligibility age is at 65.

What is the current GUARANTEED interest rate for your Ordinary Account, Special Account, Medisave Account and Retirement Account?

The CPF account will then be allocated to 3 different accounts: Ordinary Account, Special Account and Medisave Account. At age 55, your OA and SA will combine to form your Retirement Account. The guaranteed interest rate is at 2.5% for OA, 4% for SA, MA and Retirement Account..

One of the key features of Real Estate Investment Trusts ( REITs) is to distribute at least X% of their profit to their investors. What is X?

Real Estate Investment Trusts (REITs) refers to a company that owns and operates income-producing real estate. REITs have to distribute at least 90%. of their profit to their investors.

Which of the following option is NOT one of the benefits for topping up your parents' CPF?

If you are able to help your parents meet their retirement sum, your parents will get to enjoy a monthly payout under CPF Life of at least $700 throughout the rest of their lives. Benefits of a CPF top-up to your parents' CPF includes tax relief and your parents earning up to 5% p.a in interest for the money you put in.

 

source of top image: Ntu.edu.sg

Localised content on lifestyle hacks and personal finance tips, takes a swipe at making content “very Singaporean” over at Seedly's Instagram Account.
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