The great balancing act: How can modern families build a secure future?

Do you find yourself caught in the daily grind with life’s growing demands and commitments? It’s easy to forget about preempting the uncertainties of life. Find out how today’s couples get savvy with their finances – investing and saving for a secure tomorrow.

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Whether you’ve just started your parenting journey or have three adorable munchkins in tow; your priority will always be to raise your children in a way that prepares them for life’s uncertainties.

The daily demands of juggling both family and work commitments can become quite overwhelming; and it’s easy to lose sight of the bigger picture. Amidst throwing a milestone birthday for junior or dropping your teary-eyed toddler off on his first day at school, comes the realisation that they do grow up so fast.

So how do we, as parents, prepare for the inevitable – the day our children’s bright futures clash with life’s harsh realities? Planning early and making smart financial decisions can be a life saver.

Growing pains - rising education costs

While we give our best to raise children who are strong physically and mentally, parents also understand the importance of education and exposure. This is especially so in your child’s crucial development years. It is common to see well-meaning parents pour out their time and money into enrichment classes and very quickly, you’ll realise how much these things add up. And the truth is, we can only expect costs to rise even further as your child grows older.

According to the Straits Times, university fees have increased annually since 2010. Similar to previous years, the fee hikes for local undergraduates in 2015 at all six local universities vary from 0.6% to 8%; citing rising operating costs as the main reason. How can you ensure the ability to keep educational options available for your children?

Securing financial freedom

While you save to cover the rising costs of junior’s education, let’s not forget about a retirement strategy for Mummy and Daddy too. Yes, it might seem daunting to achieve both goals at the same time but this is vital in ensuring that we do not become a financial burden to our children.

A recent survey reported by Channel News Asia revealed that 7 in 10 people working in Singapore above 45 years old would like to retire within the next five years to pursue self-interests such as enjoying more family time and have the freedom to travel. As parents, how can we achieve this without compromising other financial goals? Balancing multiple financial objectives is not uncommon in our modern world and savvy couples should look for ways to save and invest to better equip themselves for the future.

Your Wealth Matters: a study by AIA

With a wide array of financial products available in the market, you may have come across some products that offer a good rate of return. However, many worry of not having enough capital to start investing. Moreover, certain investments also seem worthwhile at face value but turn out risky upon further investigation.

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In order to help solve this dilemma and have a deeper insight into Singaporeans’ financial challenges and priorities, the AIA – Your Wealth Matters study was commissioned by AIA Singapore earlier this year.

Key findings reveal:

  1. Men are more likely to invest (27% for men compared to 23% for women), while women prefer to save for their future (40% for women compared to 35% for men).
  2. Men are deterred from investing due to market volatilities (49% for men, 47% for women); however, women are more concerned about the risks involved (51% for women, 45% for men).

Finding the middle ground: Savest™ with AIA Wealth Pro Advantage

A first in the market, the Savest™ AIA Wealth Pro Advantage is a 2-in-1 savings and investment plan that can help you reach your financial goals, fuss-free.

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Key benefits of Savest™ AIA Wealth Pro Advantage

Know that your hard-earned money will go a long way in providing a stable future for you and your family, as half of the money put under the policy enjoys a steady growth that form a guarantee, providing the security of a financial safety net.

The other half can be invested through the Pro Optimiser, a well-diversified portfolio that aims at optimising your investment returns. You can count on expert advice to ensure that your investment produces potentially greater returns to build your wealth in the long run. Annual updates of your portfolio will also be provided to you, so that you’ll always be on top of your investments.

What’s more, you have a choice of three premium payment terms (5, 15 or 25 years) so as to suit your unique circumstances. You can also enjoy the flexibility of making withdrawals from your plan any time from the 3rd policy year in case of a rainy day.

When it comes to juggling financial demands with the livelihood of your loved ones, as well as your own, finding the middle ground is not as easy as it seems. But with sound financial planning, we can fill our lives with wonderful and happy memories amid life’s uncertainties, while still be able to fulfill our aspirations and goals.

More information about Savest™ AIA Wealth Pro Advantage is available HERE.