Never Too Late to Plan:
Preparing for the Golden Years,
Over half of Singaporeans and Hongkongers over 45 are unprepared for retirement and rising inflation
In Singapore and Hong Kong, 66% of surveyors in this age range say the fallout of COVID-19 has made them more concerned about planning for their retirement. As a result, over two-thirds (67%) are worried about their ability to cover healthcare costs in their retirement with 64% expressing concerns about being a financial burden to their families.
Therefore, St. James’s Place Wealth Management Asia launched this research that looks at the financial hurdles faced by those in the later stages of their lives and careers, aged between 45 and 64 years. With an average life expectancy of 83.5 and 85.2 years in Singapore and Hong Kong respectively, this means that Singaporeans and Hongkongers are likely to spend at least 20 years in retirement.
It is concerning that high levels of unpreparedness around retirement planning still persist, especially in the face of increasing economic volatility and skyrocketing inflation. With people spending longer periods in retirement in the future, having a sound financial plan should be a priority as it can go a long way towards easing some of the associated stress and anxiety while achieving a more comfortable retirement.
Head of Business
St. James's Place Hong Kong
The high number of Singaporeans over 45 who still do not have a will is deeply concerning and may be due to people wanting to avoid tough conversations or delaying thinking about the inevitable. Seeking professional, third-party financial advice can help alleviate this stress and provide clarity and assurance to all involved that their commitments and wishes can and will be met.
Chief Executive Officer
St. James's Place Singapore
About the Research
Never Too Late to Plan: Preparing for the Golden Years is an independent research study commissioned by St. James’s Place which looks at the growing financial hurdles faced by those in the later stages of their lives and careers, aged between 45 and 64 years. A total of 2,780 interviews were conducted online in February and March 2022 in Hong Kong (1,360) and Singapore (1,420).
Information and/or opinions presented in this research is provided for research informational purpose only. It should not be relied upon as financial advice and it does not constitute a recommendation, an offer or solicitation. No responsibility can be accepted for any loss arising from action taken or refrained from based on this publication. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted.
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Excerpts from this report may be used or quoted, provided they are accompanied by the following attribution: ‘Reproduced with permission from "Never Too Late to Plan: Preparing for the Golden Years,", published by St. James’s Place Wealth Management.’
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