Pandemic pushed more adult Singaporeans to plan retirement: report

64% of those aged 31-40 willing to forego capital for higher returns.

The pandemic has created an impetus for retirement planning amongst young adult Singaporeans, according to a Fullerton Fund Management survey.

More than two-thirds (42%) of those in the 31-40 age bracket cited COVID-19 as a primary reason, with three-thirds (64%) of the same bracket willing to forego guaranteed capital for higher returns.

Meanwhile, more than half (53%) of those aged 21 to 40 are now expecting to get the most out of their retirement income through investment returns. Eight in ten (80%) said they would have delayed their financial planning without digital tools, and 90% cited these tools as giving them confidence in their financial decisions.

The financial volatility brought about by the pandemic has also reminded investors not to put all their eggs in one basket, the report said. There is an appreciation that risk reduction can be achieved by making investment portfolios more resilient through diversification.