Retirement planning takes a backseat amongst Singaporeans: OCBC
Only 2 in 10 Singaporeans are on track with their retirement plans.
Fewer Singaporeans can contribute to their retirement funds, OCBC’s Financial Wellness Index revealed.
Based on the survey, only 21% of Singaporeans are on track with their retirement plans in 2023, 8 percentage points lower than in 2022.
Looking at age groups, those aged 60-65 are the most on track (56%) with their retirement plans, followed by 50s (50%) and 40s (37%).
Singaporeans in their 30s (27%) and 20s (16%) are the least on track with their retirement plans.
The study also found that fewer Singaporeans (60%, -8 percentage points) are working on retirement plans.
Amongst age groups, seniors (60-65) are the most active in working on retirement plans, whilst the younger population (20s) were the least active.