The AIA Longevity Study has revealed that over half of Singaporeans (51%) perceive living longer as a concern rather than an opportunity, with 53% expressing uncertainty about ageing. Despite understanding the importance of health, financial security, and purpose in ageing well, many Singaporeans are unprepared, particularly in financial planning and long-term care.
The study found a significant 10-year gap between expected lifespan and healthspan, with Singaporeans anticipating living to 80.2 years but expecting health decline from 70.2 years. This gap is a source of anxiety, especially among younger Singaporeans. Irma Hadikusuma, Chief Marketing and Healthcare Officer at AIA Singapore, stated, “The challenge of longevity is no longer simply living longer, but ensuring those additional years are healthy, financially secure, independent, and purposeful.”
Financial preparedness emerged as the weakest area, with 61% worried about depleting retirement savings. Although 87% acknowledge the necessity of financial security for ageing well, only 33% regularly review their financial plans. Furthermore, only 19% have started planning for long-term care, with many relying on government schemes.
The study suggests that Singaporeans are delaying health investments, with many adopting preventive health measures only after experiencing ageing effects. Hadikusuma emphasised the need for a broader support ecosystem, involving healthcare providers, employers, and community partners, to facilitate proactive ageing strategies. As life expectancy rises, addressing these gaps is crucial for maintaining health and financial resilience.
