My mom told me that my dad didn't want to spend his EPF money because he worried that we would not take care of them when they are old and become really dependent on others for their daily activities. He said with the amount of money, he could get them into a good care home where they will taken care of. They understood that we have our own career and family to look after and won't have much time for them.
No matter how I assured them that they could depend on me, they still don’t trust me! Maybe I cannot take care of them by myself but I can always employ a maid to help me. Right?
Maybe I should do the same for myself. Cannot depend on my children when I grow old. Must start saying money for my old age now, at least a sum that can secure me a place that I like. With BetterCaring.com, searching for a good care home wouldn't be a problem; if I live in UK. :)