About the Research
The effects of the covid-19 crisis gripping the world in 2020 will be felt by societies long after the virus is conquered. The toll in human lives has already been horrific, and some virus survivors could face long-term health issues. The impact on economies, including Singapore’s, has also been grim, with negative knock-on effects on employment and incomes. Against this post-covid-19 backdrop, Singaporeans of all generations could be ustified in wondering about their long-term financial prospects. The population’s long average life span ought to be seen as a blessing, but not all citizens may view it that way if their personal finances are in doubt.
As the crisis unfolded, we surveyed over 1,200 residents of the city-state to understand their hopes, worries and plans for financing their older age as many look forward to living into their 80s, 90s and even beyond. Over half (56%) of respondents expressed confidence that they have already saved, or will be able to save, enough to support living until they die. That, however, leaves 44% who think otherwise, and the majority’s confidence is likely to have been dented as the crisis has deepened. There are already real concerns evident in the survey, particularly among millennial-age Singaporeans, that financing older age will grow increasingly tough.
As Singaporeans live longer, assumptions they may have held about the traditional, sequential progression of life stages no longer hold sway. It has been discovered that millennials are more likely to prepare for a financial squeeze compared to the rest. With the loosening attitude towards risks, saving and diversifying investments would be pivotal to ensure an enjoyable retirement. Lastly, evolving lifestyles, such as career breaks are also one of the greatest impact the retirement financing.
