Li Huijing, Head of Partnership & Investment Management at MoneyOwl, noted that falling bank deposit rates reflect concerns of slower economic growth and possible Fed rate cuts.

She advised that while fixed deposits are useful for capital preservation, they shouldn’t be the only strategy for long-term goals like retirement.

Investors should focus on holistic planning and avoid chasing short-term returns tied to conditions like insurance policies.

She stressed on the importance of focusing on what’s within control – managing income, spending and savings.