Two new surveys point to a contrast between how younger Singaporeans view retirement and how they are preparing for it.
While Gen Z and Millennial respondents express confidence about their financial future, many have yet to put concrete strategies in place, creating implications for insurers and financial advisers.
Findings from the SG60 Financial Future Poll, commissioned by Prudential Singapore, show that 51% of Gen Z respondents (ages 16–28) believe they will retire with sufficient resources. Their outlook was more positive than Millennials at 45% and Gen X at 38%.
Despite this confidence, 72% of Gen Z participants admitted they have no retirement plan.
Many said they are concentrating on improving their earning potential before considering long-term savings.
Forty-one percent aim to establish multiple income streams, while nearly a third said they want jobs that allow them to travel while working. More than half expect to leave the workforce by 60, and one in five targets retiring by 50.
Jeff Ang, CEO of Prudential Financial Advisers Singapore, noted that the younger generation is willing to work hard and explore diverse income avenues but tends to delay structured planning.
“They are go-getters who are willing to work hard while they are young to cultivate multiple income streams, but they want to do so on their own terms, with frequent travel and breaks,” he said.
The same poll also asked Baby Boomers to reflect on their own experience. Almost all – 94% – said they would have approached retirement planning differently, with many wishing they had started around age 28 rather than 40.
The top regrets included not establishing financial habits sooner, postponing investments, and spending unnecessarily.
One retiree, now in her 60s, said rising living and healthcare costs have underscored the need for earlier planning. She added that longer lifespans are extending retirement periods, making financial preparation even more critical.
Across age groups, respondents pointed to the high cost of living, medical expenses, and limited income growth as their main challenges.
Central Provident Fund savings and bank deposits were the most frequently cited sources of retirement funding, supplemented by investments, bonds, and insurance-linked products.
A separate survey by Etiqa Insurance Singapore indicated growing attention to wealth transfer strategies.
Seventy-seven percent of respondents said passing assets to future generations is important, and more than half had either received or expected to receive an inheritance.
Younger people were more likely to anticipate one, with 62% of respondents under 24 expecting to benefit.
Roughly one in five expected transfers above SG$1 million. For those who had already received inheritances, more than half said it had meaningfully contributed to their financial stability.
By comparison, only a third of those awaiting inheritance expected it to be a major factor in their future finances.
Insurance is increasingly being factored into these plans, with nearly half incorporating coverage as part of legacy strategies.
Forty-six percent said they would prefer to transfer some wealth during their lifetime rather than after death.
Concerns remain, however, about potential family disputes, the risk of undermining personal financial security, and heirs mismanaging assets.
