FINANCIAL SERVICES | Staff Reporter, Singapore

58% of Singaporeans with financial plans have more retirement assets

They have more than twice the amount of assets than those without financial plans.

49% of those who seek financial advice prefer to go to an insurance company.

Here’s more from HSBC:

This country report, based on the views of 1,046 respondents from Singapore, explores how households in Singapore are likely to respond to the rapidly changing shape of retirement over the coming decades. All data used in this country report relate to Singapore unless otherwise indicated.

Key findings

„„People in Singapore see retirement as both a new chapter in life and one that they intend to relax and rest in. Over half see retirement as a time of freedom (59%). Individuals also equate their later years with a time of happiness (50%) and wealth (34%).

„„However, these positive connotations are mixed with some concerns about poor health (33%) and about potential financial hardship (26%). When considering what elements contribute to achieving a happy retirement, three quarters of respondents said ‘not having to worry about money’ is the most important element for a happy retirement.
Despite rising prosperity levels, 73% are either ‘very’ or ‘slightly’ worried about how they will cope financially in their later years.
Individuals acknowledge that increasing longevity will have an impact on their retirement and cite a lack of sufficient savings as a reason for concern.
Younger generations show increasing levels of concern about being able to cope in retirement, with a steady increase in the number who are ‘very worried’ as to how they will cope. This suggests that whilst people may have made some preparation for their later years, they are not confident that the steps they have taken are sufficient.
There is a fear of ill health in retirement, which is felt most strongly amongst people in their 50s.
Across all age groups however, there is concern about the prospect of unforeseen events derailing retirement plans (65%). This is a particular concern for women (69%).
28% of individuals in Singapore have no financial plan in place suggesting that they are not preparing enough for their financial future.
Those who both plan and seek financial advice benefit far more than those who do not, with over two and a half times (264%) the retirement assets of those who haven’t planned for retirement or sought financial advice. People who plan are also likely to feel more optimistic about retirement than those who have made little preparation.

„„Currently, those who seek professional financial advice show a preference for taking advice from an insurance company with 49% choosing this route, while a further 30% used an independent financial adviser.

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