About 1 in 5 Singaporeans expect a 6-year delay in retirement: Prudential

ONE in 5 Singaporeans foresee a delay in retirement by 6 years to age 64, according to a Prudential survey released on Tuesday (Jun 21).

The insurer said that out of 1,000 respondents aged 25 to 50, around 44 per cent are unprepared for retirement. Those aged 25 to 34 made up 47 per cent of this group.

Notably, Singaporeans mainly depend on Central Provident Fund (CPF) and bank savings when it comes to funding for retirement, with 73 per cent of those surveyed listing CPF savings as their top source of retirement income.

The level of preparedness for retirement among respondents also lies in the diversification of their financial portfolios, Prudential noted.

It observed that 68 per cent of those surveyed who are confident of having enough to retire said they invested in shares, bonds and exchange-traded funds, while 46 per cent have insurance.

Meanwhile, only half of those unprepared for retirement have investments, while 36 per cent have insurance.

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Prudential’s poll gathered responses from Singapore residents who resigned or intended to leave their jobs in April 2022. The survey was conducted by Milieu Insight.