7 in 10 Singapore women worry about affordable healthcare after retirement

2 in 5 of them are either not checking how much they've put in for retirement or have no contributions at all.

About 74% of Singapore working-age women are concerned about their ability to pay for their own care or medical bills when they reach retirement, making them more worried compared to their global peers (60%), an HSBC study found.

“With better healthcare and longer life expectancy, for many, retirement planning will need to consist of over 30 years of living and medical expenses, Deepak Khanna, Head of Wealth Development, HSBC Bank Singapore said. “Recognising the costs of ageing, and making plans for them sooner rather than later, is the first step towards a rewarding retirement.”

Moreover, the study noted that although women in Singapore have better access to education and the workforce than their global counterparts, 6 in 10 echoed their fear about being unable to afford basic necessities such as food and daily essentials upon retirement.

According to HSBC, this is in relation to the study’s finding that 2 in 5 working-age women in Singapore are either not checking on how much they have put aside for retirement or have not made contributions at all. This is higher compared to the 3 in 10 men who are experiencing the same position.

“With greater income potential than ever before, Singapore women should feel more financially secure than their global peers,” Mr Carlos Vazquez, CEO, HSBC Insurance Singapore commented. “Yet, many still worry about their retirement or feel they lack the knowledge to adequately manage their own finances.”

The study employed the views of 14,405 respondents from across 16 countries and territories, of which 1,018 came from Singapore.