One in five Singaporeans unprepared for retirement

A survey by insurer Prudential showed that one in five Singaporeans expects a delay in retirement by six years to age 64. Prudential’s survey gathered responses from Singapore residents who resigned or intended to leave their jobs in April 2022. Out of 1,000 respondents aged 25 to 50, around 44% are unprepared for retirement. Those aged 25 to 34 made up 47% of this group. Singaporeans mainly depend on the Central Provident Fund (CPF) and bank savings when it comes to funding for retirement. Prudential noted that the level of preparedness for retirement among respondents also lies in the diversification of their financial portfolios. The insurer also observed that 68% of those surveyed who are confident of having enough to retire said they invested in shares, bonds, and exchange-traded funds, while 46% have insurance.