Over half of Singaporeans worry about living longer: AIA

Financial insecurity, declining health and insufficient long-term care planning contributed to concerns about ageing.

More than half of Singapore consumers view living longer as a concern rather than an opportunity, according to an AIA study.

The survey found that 51% considered longevity a concern, compared with 22% who regarded it as an opportunity. Another 53% said they felt uncertain about growing older.

Respondents expected to live to an average age of 80.2 but anticipated their health beginning to decline at 70.2, creating a perceived 10-year gap between healthspan and lifespan.

Financial preparedness emerged as the weakest aspect of longevity planning. About 61% worried about exhausting their retirement savings, whilst 45% lacked confidence in planning their finances for a longer life.

Although 87% agreed that financial security was essential to ageing well, only 33% regularly undertook financial planning and assessments.

Healthcare and long-term care readiness also remained limited. Nearly one-third, or 31%, said they lacked adequate healthcare coverage.

Only 19% understood their long-term care needs and had begun preparing for them. About 52% expected to rely on government schemes if they required long-term care, compared with 23% who anticipated using private long-term care insurance.

Health and independence were also major concerns. About 67% worried about experiencing pain, illness or disability in later life, whilst 53% were concerned about becoming a burden on their families or losing independence in daily activities.

Another 61% worried about losing their sense of purpose after retirement, and 40% were concerned about loneliness or losing close relationships.