CIMB Singapore, in collaboration with the Nanyang Centre for Marketing and Technology, has released a report detailing Singaporeans’ aspirations for financial independence. The study, conducted in December 2024, surveyed over 500 residents aged 26 to 60, revealing that 63% aim to achieve financial independence between the ages of 40 and 60. Notably, 52% of respondents believe they need more than S$1 million to be free from financial worries.
The report highlights that younger Singaporeans, particularly those under 30, exhibit the highest confidence in reaching their financial goals early. Despite the substantial financial target, 72% of participants consider financial independence a realistic goal, with 43% expressing confidence in managing their finances to achieve it.
However, financial anxiety remains prevalent, with 39% of respondents frequently experiencing concerns about their financial future. The study identifies high living costs, family responsibilities, and low income as the primary barriers to achieving financial independence.
Whilst 71% of respondents have a financial plan, only 48% have started planning for retirement. The report suggests that financial obligations, reliance on the Central Provident Fund, and a lack of knowledge are the main reasons for the delay in retirement planning.
The findings underscore the importance of financial planning and the need for increased financial literacy among Singaporeans to overcome the challenges of achieving financial independence.
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