Etiqa Insurance Singapore, a leading life and general insurer, has released findings from its Etiqa Insurance Singapore Retirement Survey 2022. It was done to learn about Singaporeans’ attitudes towards retirement as well as their plans for their golden years.
Singapore has one of the highest life expectancies in the world. At the age of 65, the Singaporean female is expected to live for another 23 years and a male for another 19.3 years. So, Singaporeans need to prepare for about two decades of post-retirement living.
As life expectancy lengthens, issues pertaining to aging take on greater urgency. These include failing health and loss of income due to retirement.
The survey found almost half the respondents (48%) indicating low confidence in retiring comfortably. This is a strong indicator that more must be done to ensure a happy outcome for a rapidly aging Singapore.
Other key findings from the Etiqa Insurance Singapore Retirement Survey 2022:
Making a move: Most Singaporeans (83%) intend to stay in the country after they retire. For those who plan to migrate, the main reason is to seek a lower cost of living for housing and expenses.
More family time: With much of their time spent working, 70% of Singaporeans are looking forward to spending time with their family after retirement with more men (74%) than women (66%) expressing this desire to spend time with family.
Continued productivity: Most Singaporeans plan to spend their time wisely by continuing to contribute to society. One in 2 respondents (49%) plans to continue working part-time post-retirement while 1 in 4 respondents (27%) intends to devote time to volunteer work.
Top concerns for retirement: Finances and health are top concerns for Singaporeans after they retire, with 84% of respondents indicating financial independence to be of utmost importance and 73% of respondents seeking to be physically independent. Other worries include failing health (42%) and running out of funds (23%).
Starting point: Younger Singaporeans are more worried about retiring comfortably by the age of 65 than their older counterparts. One in 5 have started retirement planning from the age of 24 or even younger.
“To truly get the most out of their later years, Singaporeans need to have the wealth and health to do what they want after retirement. Amassed savings resulting from early financial planning can help to ensure that retirement needs are met later in life. At Etiqa Insurance Singapore, we aim to protect the joys of a longer life expectancy, which is why we developed savings and investment solutions to help people attain their retirement goals, as well as protection products to ensure their retirement plans do not derail,” said Raymond Ong, CEO of Etiqa Insurance Singapore.
Etiqa Insurance Singapore Retirement Survey 2022
In a bid to better understand Singaporeans in their retirement planning, Etiqa Insurance Singapore surveyed 1,029 individuals aged 18 to 64 in Singapore in May 2022. Conducted in collaboration with Kantar, the online survey focused on how Singaporeans feel about retirement, their fears and plans after retirement.
Etiqa Insurance Singapore
Protecting customers since 1961, Etiqa Insurance Singapore is a licensed life and general insurance company regulated by the Monetary Authority of Singapore (MAS) and governed by the Insurance Act. The local insurer is the Singapore operating entity of Etiqa Insurance Group – a leading insurance and takaful business in ASEAN offering life and general insurance and family and general takaful products through its agents, branches, offices and bancassurance network in the region. Etiqa is rated ‘A’ by credit rating agency Fitch for the group’s ‘Favorable’ business profile and ‘Very Strong’ capitalisation.
Etiqa is owned by Maybank Ageas Holdings Berhad, a joint venture company that combines local market knowledge with international insurance expertise. The company is 69% owned by Maybank, the fourth largest banking group in Southeast Asia, and 31% by Ageas, an international insurance group with footprints across 16 countries and a heritage that spans over 190 years.