A recent report by CIMB Singapore reveals that 63% of Singapore residents aspire to achieve financial independence between the ages of 40 and 60. The study, conducted in collaboration with the Nanyang Centre for Marketing and Technology, surveyed over 500 residents aged 26 to 60, highlighting their perceptions and behaviours towards financial planning.
The report indicates that 52% of respondents believe they need over S$1m to reach financial independence, defined as being free from financial worries. Despite this, 72% consider financial independence a realistic goal, with 43% confident in managing their finances to achieve it. However, high living costs, family responsibilities, and low income are cited as the main barriers.
Interestingly, younger residents under 30 show the most confidence, with 60% aiming for independence before 40 and 54% confident in their financial management skills. In contrast, only 39% of those aged 40 to 50 and 43% of those aged 50 to 60 feel similarly confident.
The report also highlights a generational divide in financial planning, with younger residents more willing to seek advice. CIMB Singapore’s Head of Wealth Management, Raymond Tan, emphasised the importance of supporting all generations in their financial journeys.
CIMB Singapore is committed to educating the public on financial planning, as evidenced by their InsureXpo event, which brought together industry leaders to discuss insurance and financial wellbeing. The bank aims to empower individuals to make informed decisions about their financial futures.
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