COTD: Singaporeans confident in retirement despite concerns over financial inclusion

Singaporeans express satisfaction with the government’s efforts on financial inclusion.

Fewer Singaporean households feel financially included, with 66% reporting inclusion, down from 84% last year, Principal Financial Group reported.

Overall perceptions of financial inclusion have fallen in 39 of the 41 surveyed markets in 2024.

On the flip side, 69% of Singaporeans still expect to work past retirement age, reflecting their optimism about retirement despite many hoping for financial freedom to live as they wish when they retire.

Notably, 61% are confident they can meet their financial obligations while saving for retirement, 58% believe they will live as they wish in retirement, and 56% are optimistic their financial situation will improve over their lifetime.

Meanwhile, the government is perceived to play the most helpful role in driving financial inclusion, with 72% Singaporeans believing the government helps them feel financially included, compared to the financial system (63%) or their employers (60%).

Amongst the government’s efforts, Singaporeans agree that paying taxes is easy and straightforward (72%), the government makes education easy and accessible (75%), and there is good regulation to protect people from unfair business practices (70%).

In addition, 69% of Singaporeans also agree that the government has a good system to protect against financial fraud and abuse whilst 67% agree that the government provides easy access to financial education.