Work until you die: Over half of Singaporeans grossly unprepared for retirement, reveals HSBC

1 in 3 residents older than 45 have no savings.

Retirement is costly business, and a distressing majority of working-age Singaporeans are extremely unprepared for retirement.

According to HSBC’s the Future of Retirement study, 53% of Singaporean workers say that they cannot afford to retire comfortably while 15% believe that they will never never be able to fully retire.

Even more alarming, 30% of workers aged 45 and over claim that they are not saving or do not intend to save.

The report revealed that future retirees in Singapore expect their savings to last just 13 out of an average of 23 years in retirement.

Lack of financial preparation during their working years, negative impacts of economic downturn and
other life events are the key reasons for the savings shortfall.

“Whether it is the high cost of living or an expectation that our pension will cover us in retirement, the reality is many Singaporeans are at risk of getting caught very short, financially, towards the end of their life,” said Matthew Colebrook, Head of Retail Banking and Wealth Management at HSBC Singapore.