Having a
Robust Financial Plan SUPPORTING SUSTAINABILITY SUPPORTING SUSTAINABILITY
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By Lorna Tan
Head of Financial Planning Literacy Consumer Banking Group DBS Bank
The Covid-19 outbreak which started in Wuhan, China, has brought back unpleasant memories of the SARS outbreak in 2002 and the MERS outbreak in 2012, both of which had resulted in investor stress, anxiety and fear. Most of their concerns centre around whether their investments can withstand the market fluctuations and volatility, and the duration of the uncertainty. In Singapore and elsewhere, the authorities have put in measures to minimise spread of the outbreak and help stem the global spread of the virus. These include putting in place controls on the entry of visitors from mainland China. For example, all new visitors with recent travel history to mainland China would not be allowed entry into Singapore, or to transit through the country.
FINANCIAL PLANNING MAGAZINE 2020 FINANCIAL PLANNING MAGAZINE 2020
As retail investors, we should also have robust measures to safeguard our savings and assets, and that are able to withstand short-term shocks and market gyrations. Doing so will go a long way to prevent any adverse knee jerk reactions and unwise investment decisions. It gives us a peace of mind so we can avoid giving in to unnecessary panic and have sleepless nights. Here are 7 tips to manage your finances during this period of uncertainty.
