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“There has been concern that … people overspend on property, as the funds are lying in their CPF funds, leaving them asset-rich but cash-poor in their retirement years.”
– DPM Lee Hsien Loong, Straits Times, Apr 5, 2002
“(Without the CPF), Singaporeans would buy enormous quantities of clothes, shoes, furniture, television sets, radio, tape recorders, hi-fis, washing machines, motor cars. They would have no substantial or permanent asset to show for it.”
– Lee Kuan Yew, AWSJ, Oct 21 1985