7. Need for professional advice

Still, experts caution that financial websites cannot replace the role of a trusted adviser. As financial planning is a holistic approach, a virtual tool such as a savings calculator can do only so much.

'Online tools should be regarded more as a way to help one get started. Individuals are encouraged to work with a professional financial adviser who can help them in prioritising their financial goals and establishing the needs and shortfalls,' said Mr Lam.

As it is difficult to be objective about your own situation, Mr Campbell says that you will still need a qualified adviser for help and recommendations.

'A trusted adviser usually helps guide you through the journey and helps you understand the trade-offs within competing goals and helps you prioritise, quantify and put in place customised strategies that work towards achieving your long-term goals,' he said.

This article was first published in The Straits Times.

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