, Singapore
Photo by Aline Ang via Pexels

Only 3 in 10 Singaporeans have a retirement plan

Surprisingly, the top personal finance goal of 63% of Singaporeans is to save for retirement. 

Whilst many Singaporeans' (63%) top personal finance goal is to save for retirement, only 35% of them have a retirement plan in place, the Manulife Asia Care Survey 2023 showed.

Those who plan for retirement save their money in cash and bank accounts (63%).

"This reliance could be due to the perceived ‘safety’ of cash savings," said Manulife.

Of those who have retirement plans in place, a quarter is aged 25-35, and 44% are aged 45 and above. 

This means that three in five (65%) still need to put a retirement plan in place.

The survey also found that only 26% of Singaporeans set aside funds for retirement. Manulife said the lower proportion could be due to the other financial priorities Singaporeans have to contend with.

According to tot the survey, Singaporeans are setting aside money for rainy days (44%),  to maintain their current lifestyle (34%), and for medical needs (26%).

For younger Singaporeans without children, saving to buy a home is a priority (46%), well above the country’s average (21%).

Other factors that are denting Singaporeans' financial goals are inflation (68%), risks of economic slowdown (57%) and rising healthcare costs (53%).

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!