A recent survey by Etiqa Insurance has revealed that a significant portion of Singaporeans—25%—have yet to begin planning for their retirement, even as many express a desire to secure their financial future. The survey, detailed in the 2024 Retirement Insights Report, indicates that among younger generations, a remarkable 71% of millennials and Gen Z aim to retire by the age of 60.
These younger Singaporeans anticipate a monthly expenditure of less than $6,000, with 57% of millennials and 74% of Gen Z sharing this outlook. Notably, confidence in achieving their retirement goals is high, with 75% of millennials and 69% of Gen Z expressing optimism.
Raymond Ong, CEO of Etiqa Insurance Singapore, commented, “While it is encouraging to see more Singaporeans taking proactive steps toward retirement, many still underestimate the time and funds required to maintain their desired lifestyle. This could lead to a potential retirement gap.”
The survey also highlighted a preference among younger Singaporeans for low-risk financial instruments when planning for retirement. Popular options include savings accounts—selected by 61% of Gen Z and 65% of millennials—alongside CPF contributions (56% of Gen Z and 54% of millennials) and fixed deposits or savings bonds (44% of Gen Z and 52% of millennials).
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