Singapore Silver Spender – Article Quoting SILVER

Following the line of the Singapore Government, there’s increasing media attention being paid to the Silver industry.

We are extensively quoted in this article in AsiaOne Business. Here are a few highlights of business initiatives against the Silver market in Singapore:

  • OCBC Bank’s recent SmartSenior Programme is a savings plan that allows children to contribute monthly allowances to a joint-savings account, as a way of showing filial piety to their parents. The plan even comes with safeguards, where SMS alerts are sent to the children when a large sum of money is withdrawn from the account.
  • POSB Bank tied up with the Council for Third Age to start a slew of programmes last year, including one called ‘Seniority has its privileges’, which gives elderly customers perks for dining, travelling, cooking and exercise classes.
  • Fitness First, for example, introduced a seniors’ membership a year ago to help them stay fit by keeping active. Seniors pay about half the price of a regular membership and the discounts get bigger as the members grow older. Exercises for this group of customers, such as taiji and yoga, are designed to be low-impact.
  • Japanese chain Waraku began offering a 10 per cent discount last July at its East Coast and Katong restaurants. Tim’s restaurant and cafe in Toa Payoh wrapped up a year-long promotion last December which offered seniors discounts for weekend lunches.
  • One fledgling hair salon owner in Toa Payoh Central plans to offer hair cuts to seniors at a flat rate of $10, almost half the usual price. Others also offer special rates on manicures and pedicures for seniors.
  • The 50+ Expo – a consumer fair for the elderly organised last month by the Council for Third Age – has shown a growing interest in the silver spender. Now in its second year, the fair attracted 132 businesses, up from 88 the year before. The type of products on sale also morphed from just health and wellness products to a host of firms touting spas, cars and travel packages.

Together with Japan, Singapore is at the forefront of dealing with the agine population among Asian countries. One of the reasons SILVER is based there.

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