Retirement Planning for Parents

Parents are approaching retirement soon but not the most financially literate. They are also very against any sort of investing as they've always had the idea that it is risk averse and they might lose all their capital. Would like to seek advice on:

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• What are some ways they can do to generate a higher interest with their cash savings instead of it sitting in their bank?
• As I am working soon, where can I put my allowance for them to help generate some interest? Currently thinking of the CPF Matched Retirement Saving Scheme.