HSBC is about to launch a dedicated retirement planning service for its HSBC Premier mass affluent clients.

A recent survey revealed that 39 per cent of Singaporeans feel they have a good understanding of their short-term finances. But only 23 per cent can say the same for their long-term finances. The survey also showed that 91 per cent of Singaporeans do not know what their retirement income will be.

'The lack of understanding and knowledge of long-term financial milestones like retirement could be intensified by the current economic downturn, which may have led more people to divert their attention to short-term survival needs instead of long-term goals,' says Sebastian Arcuri, head of Personal Finance Services at HSBC Singapore.

'The consequence of focusing on the short term may be a struggle to make ends meet when it is time to retire.'

Through the retirement planning service, qualified advisers will help clients identify ways to generate income and cash flow, supplement medical coverage, prepare for medical uncertainties and plan for a lifestyle after retirement.

Clients will also get the chance to enjoy exclusive events and offers, including health screenings and enrichment courses.

HSBC Retirement Planning Services will be available at the bank's six Premier centres from Monday.

This article was first published in The Business Times.