Only 4 in 10 of Singapore’s wealthy feel ready for health costs
Whilst 94% of respondents said that health is more important than anything else, just 44% believe they will remain healthy and active in retirement.
Fewer than half (44%) of high-net-worth individuals (HNWIs) in Singapore feel confident they’re financially prepared for future healthcare needs, according to Manulife.
Despite prioritising health, only 44% say they are very or extremely confident in their ability to afford long-term care and medical expenses in later life.
Whilst 94% of respondents said that health is more important than anything else, just 44% believe they will remain healthy and active in retirement, even with access to world-class healthcare and wellness resources.
The report highlighted a widening gap between financial resources and perceived preparedness, with just 47% expressing strong confidence that their financial plans account for potential disability or incapacity. Many respondents cited uncertainty around integrating health costs into long-term financial and estate planning.
According to the study, longevity is no longer just about lifespan, but about quality of life. Over half of Singapore’s HNWIs said they value meaning and wellness over simply living longer, with 58% ranking a “meaningful life” as their top ageing priority.
Barriers to confident ageing include rising workplace stress, difficulty navigating insurance and healthcare systems, and challenges in adopting healthier lifestyles. Mental health concerns were noted by 34%, whilst 32% cited difficulty understanding insurance and healthcare options, and 30% struggled to implement necessary lifestyle changes.
Still, many are taking proactive steps. Half of those surveyed said they work with wellness or longevity experts, and nearly half have advanced health insurance plans.
Others are turning to tech-based tools and experimental wellness methods such as sleep optimisation, intermittent fasting, and cryotherapy.