Today-Nov 23
A majority of young Singaporeans in their 20s worry that they cannot afford housing and retirement, but some of them are aiming for a retirement lifestyle that would cost almost S$6,000 a month. This was a finding from a recent study done by OCBC bank. Its Financial Wellness Index 2022, published on Tuesday (Nov 22), is based on responses from 2,182 working adults here between the ages of 21 and 65. The survey was done through an online form in August this year. In it, respondents were asked to choose among three lifestyles for retirement, from “basic” to “luxurious”. A total of 34 per cent of people in their 20s and 28 per cent of those in their 30s chose the most luxurious lifestyle. In contrast, 21 per cent of those in their 40s and 22 per cent of respondents in their 50s chose that. The annual index by the Singapore bank was first launched in 2019 to understand the financial wellness of Singaporeans. Mr Chin Mun Hong, head of market insights at OCBC, said at a media briefing on Tuesday that the young respondents’ expectations to “retire in style” may explain why 62 per cent of those in their 20s are worried that they cannot afford retirement.
He added that the report also showed that younger people experience higher levels of “mortgage stress” compared to those who are older, with 56 per cent of respondents in their 20s worried that they would not be able to afford their own homes. Results from the survey showed that four in 10 Singaporeans across all age groups face mortgage stress, the highest level since 2019 when the survey was first done before the Covid-19 pandemic. At the time, one in four Singaporeans indicated that they were experiencing some form of mortgage stress. Read more at: https://www.todayonline.com/singapore/young-singaporeans-retire-early-worry-afford-retirement-lifestyle-ocbc-2053511
