How do you convince your parents that money in the savings account is just rotting away and should be taken out to invest?

Show them the Singlife 2.5% savings plan, and then show them the current interest rate of 0.9% ....

Convincing them is the best way to go upfront. I did show them the numbers for 3 to 5 years of saving up in the following accounts

P.S: Graphical charts will be an interesting approach here.

Sample savings sum - $10,000 (for illustration of my points here)

1. Normal Savings account (0.05% interest per year)

2. High-interest yield savings account (1 ~ 1.45% interest per year, ie. OCBC 360, SFL Vivid etc.)

3. Singapore Savings Bonds (assuming the peak of avg 2% per year)

4. Low-risk investments

5. Medium risk investments

Deficit scenario

1. Inflation downpull (Avg 6% per year estimated, also based on $10,000 sum)

Think I made my points there by this point.​​​

This question warrants us to navigate through the many controversial opinions we each have. Hence I do not think an absolute answer can be obtained. Personally, I would not interfere with the management of my parent's fund as we treasure them dearly to ourselves and the idea of volatility may not be well understood to them. I do not want my parents to feel uncomfortable.​​​

I personally feel that you can convince them showing there save account is lossing money showing them the cost of inflation of basic consumer good then showing them basic investment which does not have high ROI but safer. Remember this, investing is like a work out . There are many kinds of investing but it is still better then nothing