SG60: Why ageing needs a new narrative in Singapore
It is not about just living longer, but also about having a healthier, happier and better life
SIXTY years ago, Singapore was a young and rapidly developing nation. Life expectancy stood at just 65 years, and only 3 per cent of the population was aged 65 or older.
Back then, national priorities focused on managing the high birth rates and laying the foundations for the future: building homes, expanding education, growing the economy and improving public health.
Fast-forward to today, and Singapore is renowned for having one of the longest lifespans in the world, with life expectancy having risen to 83.5 years and the number of centenarians doubling between 2010 and 2020.
The significant progress can be attributed to advances made in healthcare, easy access to medical care, and generally healthier lifestyles among Singaporeans.
However, the jump in lifespans also poses a somewhat uncomfortable question. While we are living longer, are we living better?
This question has never been more urgent, as Singapore, which is also one of the world’s fastest-ageing societies, stands on the cusp of becoming a super-aged nation.
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By 2030, one in four citizens will be aged 65 or above, and our old-age support ratio is projected to fall to 2.4. While lifespans have soared, healthspans – how long we live in good health – have not kept pace, with a stark 10-year gap between them.
These trends seem to reflect the anxieties among Singaporeans. In a recent RySense survey, 79 per cent of respondents said that they do not look forward to growing old, citing concerns around poor health (80 per cent), cognitive decline (50 per cent), dependence on others (49 per cent), financial insecurity (40 per cent), and loneliness (25 per cent).
On its own, longevity does not guarantee a good life. The real challenge, or rather I would posit an opportunity, for ageing societies such as Singapore is to improve “living spans”.
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This means enhancing the quality of life in the additional years we now have; ensuring physical, mental, social, and financial well-being as we progress through life.
This requires a shift in mindset. So far, much of the discourse on ageing has been framed negatively: a “silver tsunami”, a “demographic time bomb”, a strain on healthcare systems and the economy. But it is also an opportunity – to innovate, to redesign systems, to reimagine ageing and build a society where longer lives can truly be better lives.
Seeing through a new lens: From deficit to possibility
To move forward, we must first challenge the outdated assumptions and stereotypes about ageing.
Too often, ageing is seen through the lens of deficit – a drain on resources, a challenge to be managed – but this view is both limiting and inaccurate.
Today’s seniors are increasingly healthy, educated and financially independent; many are choosing to remain economically and socially active – working, volunteering, travelling, contributing – in ways that benefit both themselves and society.
Far from being a liability, this demographic shift presents enormous potential. Across the Asia-Pacific, the “silver economy” is projected to be worth US$4.6 trillion by 2030. From healthcare and housing to financial services and wellness products, the longevity economy is a sunrise industry for businesses ready to innovate.
More importantly, we must acknowledge the “longevity dividend”: the value that seniors bring to society through their wisdom, experience and resilience. They are not simply recipients of care; rather, they are an underutilised resource that can contribute as mentors, caregivers, volunteers, and leaders.
Another misconception to leave behind is that ageing is a “senior issue”.
Today’s youth face the possibility of outliving any generation before them, and will need to prepare to afford those years.
Millennial and Gen X caregivers are already navigating the dual demands of ageing parents and children. Ageing doesn’t begin at 65; it is a lifelong journey, shaped by decisions made by you and me at every stage of our life.
Policies that support healthy ageing – preventive healthcare, lifelong learning, financial literacy, inclusive design – benefit everyone.
As Dr Laura Carstensen of Stanford University put it: “Longevity readiness is not about redesigning the world for older people. It’s about redesigning our world so that longer lives are healthy and fulfilling at every stage.”
Building on foundations: From readiness to leadership
Thankfully, Singapore is not starting from scratch.
The government, which recognised early on that ageing well doesn’t happen by chance, has laid strong foundations through forward-looking policies and programmes that promote preventive care, active ageing, and community-based support.
Age Well SG, in particular, is the most comprehensive to date: a S$3.5 billion national commitment to help seniors age well in the community, spanning housing options, living environment enhancements, social support and preventive health. The intent is clear: Singapore is not just preparing for longer lives, but for better ones.
However, infrastructure and policy alone are not enough. Meaningful progress requires a whole-of-society approach, one where government, businesses and community work in concert.
DBS’ commitment to supporting the Republic’s ageing agenda
At DBS, we believe that businesses have a social licence and responsibility to uphold. This is rooted in our founding purpose – as the Development Bank of Singapore, nation-building has been central to our DNA and continues to guide us today.
As the Republic transitions into a super-aged society, we are committed to supporting this by drawing on our core strengths to deliver long-term value for all.
Financial health is a critical enabler of ageing well. Longer life expectancy is a positive outcome, but it comes with new pressures – caregiving responsibilities, ill health, loss of loved ones, or just keeping up one’s lifestyle – that can strain finances. Without sufficient preparation, these moments can tip one into financial vulnerability.
DBS Financial Wellness Series research earlier this year found that Gen Zs and millennials, aged 25 to 44, are falling behind their older counterparts in building their nest egg for their later years. This is even as they increasingly shoulder heavier liabilities, with their debts (home, car and credit-card loans) slightly outweighing their liquid assets.
That’s why the bank has long focused on helping Singaporeans build financial literacy and resilience across all life stages.
Our customers from ages seven to 70 have access to tools and solutions that help enhance their financial wellness. These range from the POSB Smart Buddy smartwatches that track and inculcate spend and save habits, to digital wealth adviser tools in our digibank app to widen access to financial advice and help customers make better-informed money decisions.
Together with partners such as the Infocomm Media Development Authority, our employee volunteers continue to drive digital and financial literacy workshops in the community.
Beyond financial preparedness, ageing well also requires meeting fundamental needs such as nutrition, connections, and a sense of belonging. Yet for many seniors, especially those in vulnerable circumstances, these often remain out of reach.
As part of our commitment to uplifting the lives and livelihoods of those with less, the DBS Foundation announced a S$7.3 million initiative this year to address the challenges of poor nutrition and social isolation.
Over two years, this will benefit 6,000 low-income seniors across 12 ageing towns, providing them with regular access to nutritious meals and meaningful social interactions. This includes monthly engagements and quarterly grocery runs, supported by the bank’s 14,000-strong workforce.
DBS Foundation also works with like-minded partners to catalyse impact. We recently announced the four winners of our inaugural Impact Beyond Award – businesses with transformative solutions to help seniors age well, including Singapore’s Buddy of Parents – and awarded funding totalling S$3 million to scale their efforts.
In addition, we continue to tap the bank’s network and our signature Impact Beyond summit and dialogue events to convene changemakers and spark cross-sector conversations and collaboration.
The future is ours to shape
Singapore’s story has always been one of shared progress: building together, growing together, rising together. Ageing should be no different.
It’s not just a challenge to navigate, but an opportunity to redefine how we live, work, and thrive in a society where there’ll increasingly be more older persons than younger ones.
As President Tharman Shanmugaratnam put it: “An ageing society is an opportunity. We must enable everyone to have contributing, fulfilling and healthy lives, even as they live longer. It will require fundamental shifts... it is a future to be embraced.”
As we celebrate Singapore’s 60th anniversary, we stand at a pivotal moment: a time to challenge stereotypes around ageing and unlock the possibilities within.
Let’s come together to reimagine what ageing can mean to each and every one of us – seniors of today, and seniors of tomorrow. This is crucial if we want to build a Singapore where we can all enjoy longer “living spans”; where longer lives mean healthier, happier, better lives.
After all, how well we age – physically, mentally, socially and financially – will be shaped by the choices we make and the habits we begin to cultivate today.
The writer is head of DBS Foundation as well as DBS group strategic marketing and communications
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