Health-care costs, comfortable retirement top concerns of middle class: AIA survey

RISING health-care costs and saving enough for a comfortable retirement are the two top concerns of middle-class Singaporeans, a survey by insurer AIA has found.

The survey on hopes and aspirations of the middle class in the Asean region also found these to be the top goals of respondents from Singapore.

Of those surveyed, 55 per cent said they were worried that they would not be able to save enough to retire comfortably. This was more than the average of 44 per cent across the region.

And while 57 per cent of Singapore respondents said they felt financially secure, the middle class here said they believed they needed an average of US$898,000 in savings to retire comfortably.

This was above that of other respondents in Indonesia, the Philippines, Thailand, Vietnam and Malaysia, whose professed retirement kitty ranged in size from US$182,000 to US$583,000 on average.

The findings also showed that health, happiness in marriage or relationships and savings were the top three goals in the lives of the Singapore middle class.

This was in line with the general view of respondents from the other countries.

Conducted between July and August this year on 3,000 middle-class individuals from the six countries, the survey was AIA's second; its first was carried out last year.