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ACTIVE AGEING

TODAY MONDAY 17 FEBRUARY 2014

Starting a fresh chapter in your silver years

POSB is reaching out to older people through outreach, education, and partnership
By 2030, about a quarter of Singapores population will be aged 65 and above. The median age of citizens will increase from 30 years in 1990 to 47 years by 2030. As the population ages, its understandable that some people may be concerned about their retirement years. They may have health and nancial concerns or they may be worried about not being able to contribute to society. But becoming older doesnt mean becoming irrelevant. In fact, those who believe in active ageing enhancing a persons quality of life as he ages can enjoy a fullling lifestyle and continue to contribute to society. According to the World Health Organisation, people should be able to realise their potential for physical, social, and mental well-being during their retirement years. One of the keys to enjoying your retirement is to start planning for your financial affairs as early as possible. This is so that your savings can benefit from the compounding effects of interest and have more time to grow. For example, if youre thinking of taking up a nancial product, doing so at an earlier stage gives you a longer time to generate returns and ride out any short-term volatility. If you plan early for your retirement, youll be giving yourself a better chance to meet your nancial commitments and enjoy greater peace of mind during your retirement years.
MEANINGFUL EMPLOYMENT, GREATER CONVENIENCE

Mdm Anjelay has been a part of the Active Neighbours Programme since 2010 and enjoys interacting with different groups of customers. PHOTO: KOH MUI FONG

of the programme is that the banks older customers are informed about self-service banking options that are easy to use and can help make their lives more convenient. Mdm Anjelay Govindasamy has been a part of the Active Neighbours Programme since 2010, and has found it useful for her. Since joining the programme, I have improved my interpersonal communication skills greatly. I enjoy interacting with different groups of customers and I am even learning some Mandarin words.
STAYING FINANCIALLY SAVVY

Other key issues such as financial prudence and managing the cost of medical treatment are also addressed. The workshops also educate seniors against becoming victims of financial scams and highlight existing government schemes that can help provide additional income. So far, about 250 senior citizens have attended the financial literacy programme conducted at the North East CDC. POSB aims to conduct another 16 workshops with the North East CDC within a year from now, and hopes to reach out to a total of 900 participants by then.
LASTING POWER OF ATTORNEY

To support active ageing in terms of banking needs, POSB has worked with organisations including the Ministry of Social and Family Development (MSF), WINGS, the Council for Third Age (C3A) and various Community Development Councils (CDCs). One such initiative is the Active Neighbour Programme that was announced in June 2009. Under this scheme, POSB hires retired Singaporeans as part-time staff to teach other seniors on the use of self-service banking machines and to help them with their banking transactions at POSB branches. The programme aims to provide meaningful employment to retirees. Apart from helping Active Neighbours to continue contributing to society, the other key benefit

Its important to spend prudently, especially in your silver years as your spending is likely to exceed your income. The good news is that you can educate yourself to stretch your dollar. Common topics seniors are concerned about include investment, insurance and financial management. As part of POSBs commitment to promote active ageing, it offers a series of financial literacy programmes. The bank has worked with various CDCs to educate mature customers on becoming more financially savvy. The workshops cover a wide range of topics such as post-retirement investment. This is an important aspect of financial planning that should not be overlooked. Investing wisely can help provide retirees with a stable source of additional income that can help defray their cost of living.

One challenge that the ageing population faces increasingly is the state of their mental health. To address this, POSB is seeking to help MSF to raise the awareness of the Lasting Power of Attorney (LPA), a tool that can help you and your loved ones plan ahead. Should your mental capacity become diminished, an LPA can help alleviate the difficulties your loved ones may face. An LPA is a legal document that allows you to voluntarily appoint one or more people to act and make decisions on your behalf if you lose your mental capacity. The people you appoint can be responsible for key areas of your life, including banking matters. An LPA allows you to protect your interests by choosing people you trust to act and make decisions on your behalf should you lose the capacity to make your own decisions one day.

As a bank, one of our main priorities has always been offering our customers greater convenience and helping improve their financial literacy. These initiatives not only make our customers lives easier, they help us give back to the community.
Derrick Goh
HEAD OF POSB

ACTIVE AGEING DEFINED

Active ageing involves six wellness dimensions in life: Emotional Intellectual Physical Social Spiritual Vocational Here are some things you can do to age well: Learn a new skill Improve your tness Contribute to the community through volunteerism

Active agers are becoming an increasingly important group in Singapore, and engaging them through education, outreach and partnership is a good way towards developing an inclusive society where everyone is able to lead meaningful lives. Said Head of POSB Derrick Goh: As a bank, one of our main priorities has always been offering our customers greater convenience and helping improve their nancial literacy. These initiatives not only make our customers lives easier, they help us give back to the community.
This is the 13th story in a 19-part collaboration between TODAY and POSB.