Half of Gen Zs expect to retire comfortably without planning

However, 72% of Gen Z respondents reported having no retirement plan, as they are focused on building their earning power first.

Half of Gen Z Singaporeans believe they will be able to retire comfortably, but a large majority have yet to begin planning for it, according to a survey from Prudential.

The survey, which polled 1,000 Singapore residents aged 17 to 76 in July 2025, revealed 51% of Gen Z respondents—defined as those aged 16 to 28—are confident they will have sufficient means to cover expenses in retirement, including daily necessities and healthcare.

This optimism slightly exceeds that of Millennials (45%) and Gen X (38%).

However, 72% of Gen Z respondents reported having no retirement plan. Many indicated they are focused on building their earning power first and plan to start saving for retirement once they have more disposable income.

As most are students or early in their careers, financial planning tends to be delayed in favour of career advancement.

The survey also found that Gen Z’s financial habits and aspirations differ from older generations. 41% are actively seeking to build multiple income streams, and 60% prioritise career progression over work-life balance.

Additionally, 32% are drawn to remote work opportunities to facilitate travel, and 22% are interested in taking multiple “micro-retirements” during their lifetime. Just over half (54%) expect to retire by age 60, whilst 20% hope to retire by 50.

Older generations had advice to offer. The survey found that 94% of Baby Boomers—those aged 55 and above—said they would have approached financial planning differently. On average, they wished they had started 12 years earlier, at age 28 instead of 40.

Many pointed to regrets such as not forming stronger financial habits (61%), not retiring earlier due to delayed planning (49%), and experiencing stress from inadequate retirement savings (45%). Others cited missed investment opportunities (35%) and unnecessary spending (28%).

Across all age groups, top concerns included inflation, healthcare, and stagnating income. 75%  of respondents said the rising cost of living is a major issue, followed by healthcare costs (56%) and limited income growth (50%).

When asked how they plan to fund retirement, respondents most frequently cited CPF savings (675) and bank savings (62%).

Other methods included investments in stocks, bonds, index mutual funds or ETFs like the S&P 500, as well as insurance policies and investment-linked plans (ILPs).

The survey also found generational differences in retirement strategies. Gen Zs and Millennials are more likely to invest in index funds and ETFs, and less likely to rely on insurance products.