Statistics regarding the financial well being of Singaporeans are depressing.  In a recent survey published by HSBC in 2011 (The future of retirement), it is identified that many household financial plans contain significant gaps: About 1 in 3 of those in their 50s do not have retirement savings and 1 in 4 couples with children say they do not have life insurance.  

This prompts me to ponder the reason why some Singaporeans fail financially? Is it due to external factors or internal factors? Are people’s choices forced by circumstances or chosen by their free will? 

Let’s explore some factors that affect one’s financial well being.

Because we are in this blessed land called Singapore, certain external factors do not really affect us to a great degree and thus I strike them out. It is unfortunate that there are still a small minority of Singaporeans who …