7 in 10 say high agent bank fees deter investment

96% of CPF members are aware that they can invest their CPF monies.

Seven in 10 CPF members said they would be more likely to invest if agent bank fees were to be reduced as fees are seen as a barrier to investment, a survey by the Securities Association of Singapore (SAS) and the Securities Investors Association (Singapore) (SIAS) revealed.

SAS and SIAS released a survey report examining the sentiments and investment behaviour of CPF members (retail investors) regarding the Central Provident Fund Investment Scheme (CPFIS).

A significant 96% of respondents are aware that they can invest their CPF monies, with 72% having already done so. Notably, 73% plan to invest in the next six to twelve months.

The most popular investment choices include Singapore Savings Bonds, T-Bills, stocks, ETFs and unit trusts. Additionally, there is strong interest in Business Trust products listed on the Singapore Exchange, with two-thirds of respondents expressing a willingness to invest in them if included in the CPFIS.

Meanwhile, 82% of respondents indicated a desire for more CPF-related investing content. This underscores the need for enhanced financial literacy initiatives to empower investors in making informed investment decisions.

The survey, conducted in March 2024, received 3,500 responses.