45% of Singaporeans surveyed have not started planning for retirement

45% of Singaporeans surveyed have not started planning for retirement

This was more apparent in the younger demographic (aged below 35), a survey has noted. Reasons include: 20% of plan to rely on their spouse or family members for it, and 61% are confident they will have sufficient funds for it. More details here.

One in three Singaporeans (39%) are worried they will not have enough funds for retirement, yet not many are acting on it, a recent report by Endowus has found.

In particular, this was seen more in respondents between 35 and 44 years of age, with 49% revealing they were not confident in their retirement adequacy. The report pointed out: “For those between 35 and 44 years old (commonly referred to as the sandwiched generation), supporting both their children and their ageing parents will take a toll on their finances and their ability to save up for their own retirement.

The Endowus Singapore Retirement Report was commissioned by Endowus in partnership with YouGov Singapore, and covers a May 2021 online survey of 1,099 adults (21 and above) in Singapore.

Women are slightly less confident in their retirement adequacy than men
Women were found to be half as likely as men to “strongly agree” that they are confident in having sufficient money for retirement (7% vs 14%). This, the report noted, is “especially concerning considering that women live longer with a life expectancy of more than 86 at birth and beyond 88 if they live to 65.”

While this was so, women still did express some levels of confidence – with 48% agreeing they are confident (men: 53%).

Source: Human Resources