7 in 10 affluent Singaporeans rethinking finances

They want a comfortable retirement, improved health, and a maintained lifestyle.

According to Standard Chartered’s Wealth Expectancy Report 2021, 73% of affluent Singaporeans are setting new financial goals due to the pandemic. 

Singaporean respondents wanted to have a comfortable retirement, improve personal health, and keep up with rising lifestyle costs. These responses were recorded at 43%, 42%, and 40% respectively. 

Of the respondents, 20% said that those who are not yet retired have not started saving for retirement. 42%, meanwhile, are dependent on investment income for their retirement. 36% said that the pandemic has hampered their confidence in their finances.

On the other hand, successful investors point to a wider range of information sources. The study shows that conducting their own research, reading specific financial media and financial advice were the main factors for their performance. Respectively, 88%, 85%, and 79% of respondents were in the affirmative.

“With the pandemic knocking financial confidence, investors have a greater need for professional advice to make better investment decisions. Most of us recognise that cash savings alone will not cover our longer lifespans, nor enable the pursuit of new interests post-retirement. It is therefore essential that we help our clients invest soundly for the longer term, to achieve their envisioned comfortable retirement. Through education and advisory, our clients can gain a stronger understanding of their investment options and take action without being paralysed by possible risks,” said Eugene Puar, Regional Head of Wealth Management, ASEAN and South Asia and Head of Wealth Management, Singapore, Standard Chartered Bank.

The report surveyed over 15,000 affluent from 12 markets—Hong Kong, India, Indonesia, Kenya, Mainland China, Malaysia, Pakistan, Singapore, Taiwan, UAE, the UK, and the US. It aims to offer insight into how the pandemic has impacted their values and financial priorities.