69% Singaporeans expect to still work after retirement age—study

SINGAPORE: Nearly seven out of 10 Singaporeans say that they expect to continue to work once they’re past the age of retirement. In March, the government announced that the retirement age will be raised to 64 and the re-employment age to 69, which will take effect by July 1, 2026.

At present, the retirement age is 63, and the re-employment age is 68. This is the next step as part of the plan to raise the retirement age to 65 and the re-employment age to 70 by 2030, which the government announced in 2019.

Read also: Retirement age to go up to 64; re-employment age raised to 69 by 2026

On Monday (Aug 19), the Singapore Business Review (SBR) reported that from 84 per cent last year, the number of Singaporean households who feel financially included is now down to 66 per cent, according to data from fund manager Principal Financial Group.

The report added that overall perceptions of financial inclusion have dropped this year in 39 of 41 markets.

Financial inclusion may be defined as the ability of everyone to access financial services that can help them build wealth. These include including savings, credit, loans, equity, and insurance.

It is considered a significant factor in reducing poverty and boosting prosperity.

For the past two years, Singapore has ranked number one as the most financially inclusive market across the globe, based on government support, financial system support, and employer support.

While many in Singapore are hoping to have the financial freedom to live in the way they would like to upon their retirement, 69 per cent say they still expect to keep working when the time comes.

Moreover, over three in five (61 per cent) of Singaporeans have the confidence to meet their obligations even as they save for retirement, and almost as many (58 per cent) think they can live how they want to when they retire.

Significantly, more than half (56 per cent) say they are optimistic about their financial situation getting better during the course of their lifetime.

SBR also pointed out that the government ranks highest when it comes to Singaporeans’ perception of who is the most helpful in driving financial inclusion.

Nearly three quarters (72 per cent) believe the government helps them feel financially included, as opposed to the financial system (63 per cent) and employers (60 per cent).

Most Singaporeans also agreed that there are good systems to protect them against financial fraud and abuse (69 per cent) and good regulations to protect them from unfair business practices (70 per cent).

Many also agree that the government makes education easy and accessible (75 per cent) and provides easy access to financial education (67 per cent). /TISG