Singaporean retirement readiness plummets amidst pandemic: study

Over seven in 10 are taking prompt actions for their financial future.

More than three in 10 (33%) of Singaporeans believe they will retire “less comfortably” compared to those asked in 2019, data from digital wealth manager Syfe’s latest Retirement Readiness Index (SRRI) show.

Whilst the majority of Singaporeans on the track of retirement have saved more in 2020 than they did the year prior, the overall sentiment surrounding their readiness to retire has deteriorated amidst the COVID-19 pandemic, with 72% taking actions in planning for their financial future.

“Whilst the SRRI score improved on the previous year, more than 60% of participants in the latest survey recorded a score of less than 100,” Syfe said. “This suggests that there is a potentially large margin for improvement required in order for Singaporeans to score 100 SRRI points and above and meet the level that Syfe’s methodology deems necessary for respondents to be considered ‘ready to retire’.”

Findings also show that whilst 73% of respondents are either upping or maintaining their level of savings, a larger chunk of Singaporeans feel dissatisfied with how much they’re saving as compared to 2019 (60% versus 57%, respectively).

"It was...encouraging to see a marginal improvement in overall SRRI scores but, with the economic environment as challenging as ever, it is even more critical that Singaporeans review their approach to savings and investment to ensure that they can prepare adequately for the future,” commented Syfe founder and CEO Dhruv Arora.

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