A recent poll by Prudential Singapore highlights a stark contrast in retirement readiness among Singapore’s generations. The SG60 Financial Future Poll, surveying 1,000 residents aged 17 to 76, found that whilst half of Gen Zs are optimistic about retiring well, 72% have no retirement plan in place. This optimism surpasses that of Millennials (45%) and Gen Xs (38%).
Gen Zs, aged 16 to 28, are focused on building multiple income streams and embracing flexible work arrangements, such as remote work and “micro-retirements.” Despite their confidence, many prefer to prioritise income growth before formalising retirement plans. Jeff Ang, CEO of Prudential Financial Advisers Singapore, emphasised the importance of early financial planning, stating, “Optimism and hustle are great, and when paired with financial planning, they will set you up for long-term success.”
In contrast, Baby Boomers, aged 55 and above, expressed regret over delayed financial planning. Nearly all Baby Boomers surveyed wished they had started planning 12 years earlier, at age 28 rather than 40. Their top regrets include not establishing financial habits sooner and missing earlier retirement opportunities.
The poll also revealed that Singaporeans across all age groups are concerned about the high cost of living, healthcare expenses, and insufficient income growth. CPF and bank savings emerged as the primary retirement funding sources, supplemented by stocks, bonds, and insurance policies.
As Singaporeans navigate these financial challenges, the poll underscores the need for a diversified wealth portfolio to ensure a secure retirement.
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