It overtook ‘emergencies’, which was the main priority in 2009, which was attributed to the ongoing economic and financial repercussions of the global downturn that took root in 2007/08.
Retirement was the top response for 67% of people in Singapore who took part in the survey, in which almost 3,600 people from across Asia took part.
Almost half of Singaporean respondents – unsurprisingly – said they “aspired to a meaningful and enjoyable life” after retirement, while 31% said they planned to retire early.
These plans could be hampered by failing to save enough for retirement, however, which was a concern for 42% of Singaporeans. The biggest “threats” though, were unexpected medical expenses, 66%, and becoming unemployed, 47%.
Savings plans, various types of cash deposits, a state retirement scheme (CPF) and retirement income products were respectively cited as the most popular methods of saving for retirement.
Walter de Oude, chief executive of HSBC Insurance, said: “Over 40% of the respondents rely on their CPF, which has helped many Singaporeans prepare for their retirement. However, CPF needs be supplemented with other retirement savings because it is often already drawn for housing and health care.
“Yet, the majority 69% of Singaporeans feel that they are saving less than what they need to, or do not have savings at all as shown in the study. Currently, only 8% of the respondents hold a retirement income product, and there are only 20% who plan to get a retirement income product in next six months.
"This percentage needs to go up if Singaporeans are serious about retiring comfortably, as they have indicated themselves to be in the survey.”
