Only 3 in 10 Singaporeans have a retirement plan

Surprisingly, the top personal finance goal of 63% of Singaporeans is to save for retirement. 

Whilst many Singaporeans' (63%) top personal finance goal is to save for retirement, only 35% of them have a retirement plan in place, the Manulife Asia Care Survey 2023 showed.

Those who plan for retirement save their money in cash and bank accounts (63%).

"This reliance could be due to the perceived ‘safety’ of cash savings," said Manulife.

Of those who have retirement plans in place, a quarter is aged 25-35, and 44% are aged 45 and above. 

This means that three in five (65%) still need to put a retirement plan in place.

The survey also found that only 26% of Singaporeans set aside funds for retirement. Manulife said the lower proportion could be due to the other financial priorities Singaporeans have to contend with.

According to tot the survey, Singaporeans are setting aside money for rainy days (44%),  to maintain their current lifestyle (34%), and for medical needs (26%).

For younger Singaporeans without children, saving to buy a home is a priority (46%), well above the country’s average (21%).

Other factors that are denting Singaporeans' financial goals are inflation (68%), risks of economic slowdown (57%) and rising healthcare costs (53%).