Singaporeans are increasingly concerned about their financial security in retirement, with 78% planning to rely on personal savings despite fears of outliving their money, according to Manulife Singapore’s Asia Care Survey 2026. The survey highlights a significant gap between the desire for financial independence in later life and the actions taken to secure it.
The survey, which interviewed 1,074 Singaporeans, found that whilst many adults recognise the need for diversified income sources, only 52% plan to invest for retirement. Among those seeking financial security, 43% intend to diversify across asset classes, and 34% are shifting towards income-generating investments. The primary motivations include the need for steady income to cover living expenses and the desire for independence in retirement.
Benoit Meslet, CEO of Manulife Singapore, noted, “Many are supporting families, building their own lives, and thinking about their future at the same time. This comes with real trade-offs, and it is unsurprising that many feel that their long-term planning is delayed or out of reach.”
The survey also revealed that younger adults face significant challenges, with 81% of those aged 18 to 24 and 75% of those aged 25 to 34 reporting that family responsibilities impact their financial planning. Additionally, 73% of respondents aged 18 to 24 have delayed medical care due to caregiving duties.
Despite these pressures, 92% of Singaporeans aim to remain self-sufficient in their later years, valuing privacy, autonomy, and access to quality care. However, only half undergo annual health screenings, and less than 40% maintain a consistent exercise routine.
The findings underscore the need for comprehensive financial and health planning to ensure long-term wellbeing as life expectancy in Singapore rises to 83.9 years.
