51% of Singaporeans see longer lifespans as a concern rather than an opportunity: AIA survey

SINGAPORE: More than half of Singaporeans are apprehensive about living longer, with worries over financial security, declining health and inadequate long-term care planning outweighing the perceived benefits of increased longevity, according to a new study by insurer AIA.

The survey found that 51 per cent of respondents viewed longevity as a concern, whilst only 22 per cent regarded it as an opportunity. In addition, 53 per cent said they felt uncertain about the prospect of growing older, highlighting widespread unease over ageing.

Participants estimated that they would live to an average age of 80.2 years. However, they also expected their health to begin deteriorating at around 70.2 years old, suggesting what the study described as a roughly 10-year gap between lifespan and healthspan.

Financial readiness emerged as one of the weakest areas of preparation for later life. Around 61 per cent of respondents said they were worried about depleting their retirement savings, whilst 45 per cent admitted they were not confident in their ability to plan financially for a longer life.

Although an overwhelming 87 per cent agreed that financial security is a key ingredient for ageing well, only a third, or 33 per cent, said they regularly carried out financial planning or reviewed their finances.

The study also pointed to significant gaps in healthcare and long-term care preparedness.

Nearly one in three respondents, representing 31 per cent, said they did not have sufficient healthcare coverage. Even fewer appeared ready for future care needs, with only 19 per cent saying they understood their long-term care requirements and had started making preparations.

When asked how they expected to fund long-term care if required, more than half, or 52 per cent, anticipated relying on government support schemes. By comparison, just 23 per cent expected private long-term care insurance to play that role.

Beyond financial concerns, many respondents expressed anxiety about the physical and emotional realities of ageing.

About 67 per cent said they feared experiencing pain, illness or disability later in life. Meanwhile, 53 per cent worried about losing their independence in carrying out daily activities or becoming a burden on their families.

Retirement also raised concerns extending beyond finances. Around 61 per cent said they were worried about losing their sense of purpose after leaving the workforce, whilst 40 per cent feared loneliness or the loss of close personal relationships as they aged.

The findings suggest that whilst many Singaporeans recognise the importance of financial security and healthcare planning for later life, relatively few have taken concrete steps to prepare, leaving many uncertain about the challenges that could accompany longer lifespans.