Mr Shaun Meadows, chief executive of Aviva Singapore, Hong Kong and the Middle East

What was the best and worst thing that happened to you financially this year?

Best: The reduction in interest rates on mortgages in Britain has lowered my monthly outgoings quite substantially.

Worst: The substantial drop in Britain's house prices, as it means the valuations of my assets have fallen considerably. However, I am not too worried as these are long-term investments. Also, I have focused my finances this year on my core activities, such as saving for the long term.

How do you see 2009 panning out?

It is set to be a challenging year for both individuals and businesses. The Ministry of Trade and Industry has forecast that the economic downturn will last well into next year.

Singapore's economy is expected to face a broad-based slowdown, with full year growth projection ranging from -1 to 2per cent. There is also a lot of uncertainty, with the International Monetary Fund describing the outlook ahead as 'exceptionally' uncertain in its latest World Economic Outlook report.

What is one piece of financial advice you would give to a person looking ahead in 2009?

I would urge Singaporeans to think beyond the immediate term and plan for their mid- to long-term future.

According to Aviva's recent global Consumer Attitudes To Saving study, about two-thirds of Singaporean respondents said their most important financial timescale was within the next five years, while six in 10 are still worried they will not have enough retirement funds.

It is therefore imperative that Singaporeans not neglect their long-term savings and investment needs when faced with the current short-term economic challenges.

Would your answer be different for a) a single, working person; b) a married couple with school-going children; and c) a retiree?

A retiree for example will have a shorter time horizon than a single working person. However, the need to plan ahead remains the same for all cases.

Is it a good time to buy a car or property?

Property investment is sound if one is confident it will generate positive returns over time and one is not overly stretched financially in making the purchase.

While a car is a cost, it can also be a legitimate lifestyle need. One may purchase a car as long as one can afford it, and its purchase does not compromise one's long-term savings and investment needs.

This article was first published in The Straits Times on December 28, 2008.