As Singapore marks its 60th year of independence, a new survey by Prudential Singapore reveals that 51% of Gen Zs, aged 16 to 28, are confident about retiring comfortably. However, 72% admit they have no concrete retirement plan. The SG60 Financial Future Poll, conducted in July 2025, surveyed 1,000 Singapore residents aged 17 to 76, exploring retirement readiness across generations.
Gen Zs, primarily students and new workforce entrants, focus on increasing their earning potential before saving for retirement. They prioritise multiple income streams, with 41% expressing this preference. Additionally, 60% of Gen Zs value career advancement over work-life balance, unlike older generations. Many aim for remote work opportunities and micro-retirements, with 54% planning to retire by 60 and 20% by 50.
Prudential Financial Advisers Singapore CEO, Jeff Ang, noted, “Gen Zs are confident about the next 60 years because they have grown up in a nation that has flourished and provided them with the opportunities to thrive.”
Baby Boomers, aged 55 and above, wish they had started financial planning 12 years earlier. Nearly all Baby Boomers (94%) expressed regret over their financial planning approach, with 61% wishing they had developed stronger financial habits sooner.
The poll highlights the importance of early financial planning, with Ang advising, “Starting small and staying consistent can go a long way, especially with the power of compounding.”
The survey also found that CPF savings and bank savings are the primary retirement funding sources for most respondents, with younger generations more inclined to invest in index mutual funds and ETFs. Ang emphasised the need for a diversified wealth portfolio, including health insurance, to ensure financial security in later years.
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