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Singapore scores well in retirement finances, but mixed on health, quality of life, material well-being: Natixis
SINGAPORE has emerged with some of the best scores compared with the rest of the Asia-Pacific where finances in retirement are concerned; but showed mixed results on health, quality of life and material well-being.
According to the latest Global Retirement Index released on Thursday by Natixis Global Asset Management, the Asia-Pacific was the only region to improve and maintain its finances in retirement performance in the index.
The index considers 18 measures across four sub-indexes - health, finances in retirement, quality of life and material well-being - which affect retirees across 43 countries to paint a picture of the global retirement environment.
Among the Asia-Pacific countries, Singapore registered some of the best scores across almost all indicators within the finances in retirement sub-index and moved up one place in the rankings. Japan also rose in the same ranking, mainly due to improvements in its interest rate competitiveness, bank non-performing loans, and tax pressure indicators. New Zealand and China have jumped up the finances in retirement sub-index, with the latter scoring 66 per cent - higher than the overall score for the Asia-Pacific - to end up in the top 20.
Overall, New Zealand and Australia are the region's highest ranking performers, securing fifth and sixth place respectively in the index, ahead of Japan (22nd), South Korea (23rd), Singapore (27th), China (38th) and India (43rd). Despite a good showing, only China increased its overall score, while New Zealand, Japan, South Korea and Singapore saw their rankings fall.
Singapore shows mixed results with respect to indices related to health, quality of life and material well-being. It has the fifth-highest life expectancy of all the countries studied, yet finishes second-to-last in the insured health expenditure indicator, which measures the portion of that expenditure paid for by insurance. Its only decline was registered in the material well-being sub-index, where its performance is a story of two halves. While it boasts the highest score for two of the three indicators in the sub-index - employment and income per capita - it has the fourth-lowest score for income equality among the surveyed countries.
"If its score for income equality was on par with the other two indicators, Singapore would comfortably finish in the top five for material wellbeing," Natixis said.