As much as people hate to talk about this topic being denial or simply “Pantang” what will happen to the funeral industry in Singapore will change the whole landscape in terms of services, cost and perspective of things. Here are 3 main reasons why.
1. Concerns of a slower economy and uncertainly of a recession
Banks are already pulling back on Fixed Deposit Rates and Home loans. Meaning to say they foresee something many people do not. Bank of China gave one of the best payouts in terms of Fixed Deposit in 2016. Between 1.7 to 1.9% for a year and in 2017, they have announced their rate is between 1.2 to 1.3% for a year that is more than 0.6% drop. How much is it lets put it this way. In 2016 you put $100,000 and kept it for 1 year, you get a $1900 but in 2017 u only get $1200. That’s a drop of $700. What can you do with $700? A lot of things. As for me, I can pay for my 4 kids one month school fees. Banks need to protect themselves as well during a slow-down and crisis.
2. Inflation Again another issue that cannot be avoided.
Experts have forecast that by 2017 inflation rate will be about 1% and by 2020, it will be around 2.8%. Inflation can only mean 1 thing. Raise in prices. My clients ask me so how much does 1 funeral service cost which includes, prayers, packages, niches and other consumables. As of now, it will cost around $10k to $20k and above depending on what you need. However by the end of the year 2017, it will cost around $100 and above more.
3. Big Brother Mentality
Due to the very competitive business of the funeral industry, standards will be raised in 2017. Huge players are coming up with better service standards as a result, small players have to follow suit if they want to keep up if they want to keep up with their business or they will lose more business or even risk closing down. So now the question is how can i help and is there a way out? YES! There is a way out. I am able to help you reduce your funeral cost. Its call pre-planning. How can pre-planning help is very simple. Its called pay today’s price, and so you do not have to worry about tomorrow, the next day or even the cost in 2020.
Call me at 98668642 to find out more. Your Choice today, Your Legacy tomorrow.