Majority of Singaporeans worried about saving for retirement

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The majority of Singaporeans are concerned about not saving enough for retirement, according to a survey of the middle class commissioned by insurer AIA.

About 55 per cent of Singaporeans said they are concerned, compared with the overall figure of 44 per cent across Southeast Asia, the AIA survey, released on Friday (Oct 20), revealed.

The survey also found that Singaporeans think they need about US$900,000 (S$1.15 million) on average in savings for retirement - the highest in the region.

Additionally, 67 per cent of Singaporeans indicated that healthcare was the top cost concern, and the top goal among Singaporeans is to be healthy.

About 76 per cent of Singaporeans also said they believe children should be responsible for financially supporting their parents, which is above the regional figure of 70 per cent.

Also revealed in the survey was 74 per cent of Singaporeans indicating they are satisfied with their lives, with older respondents - those 55 years old and above – more likely to be satisfied.

About 500 Singaporeans were involved in the survey, which spanned six countries in Southeast Asia.