This assumes citizens actually putp a lions share of their money into more risky investmemt vehicles. For reference, this may not be the case with a large swath

This assumes citizens actually putp a lions share of their money into more risky investmemt vehicles. For reference, this may not be the case with a large swathes of our older population. Bank rates, t bills and bonds here are generally lower than cpf. If you are a high income earner the contribution is capped and combined with low taxes this is not a bad thing.