A recent study by AIA Singapore reveals that 80% of Singaporeans feel unprepared for the realities of caregiving, with emotional, social, and practical challenges often underestimated. The AIA Live Better Study Wave 10 highlights that whilst financial preparedness is a focus, many are less ready for the emotional and social demands of caregiving, underscoring the need for broader ecosystem support beyond family.
As Singapore approaches a super-aged society, caregiving for elderly family members is becoming a significant responsibility. Currently, 61% of caregivers are primarily caring for elderly relatives, and 57% of future caregivers expect to do the same. However, only 20% of future caregivers feel adequately prepared, with many adopting a reactive approach, addressing caregiving needs only when they arise.
Irma Hadikusuma, Chief Marketing and Healthcare Officer at AIA Singapore, noted, “Caregiving is deeply personal and no two care journeys are the same. The unpredictability of each journey can make it difficult for even the most proactive Singaporeans to feel fully prepared.”
The study also found that emotional strain is the top challenge for both current and future caregivers, surpassing financial concerns. Despite this, 26% of future caregivers are unsure about the costs involved, and 22% do not feel financially prepared.
The findings suggest a shift in caregiving perspectives, with many recognising the need for support beyond family. Nearly half of current caregivers have already moved beyond family-led care, and more than half of future caregivers expect to combine family support with external assistance.
As Singapore’s population ages, the study emphasises the importance of a holistic support system for caregivers, involving insurers and employers to help manage the emotional, financial, and social aspects of caregiving.
