Joint study from NTU, CIMB shows more Singaporeans aim for $1+ million & retirement in their 40s

SINGAPORE: According to a joint study from CIMB Singapore and Nanyang Technological University, more residents of Singapore target over S$1 million and retirement when they’re in their 40s.

This second edition of the Attitudes and Beliefs towards Financial Independence Report, released on May 23, looked into the attitudes concerning financial independence of 1,000 Singapore residents between the ages of 18 and 60.

The results have shown that with 56.3% desire to accumulate over S$1 million in personal wealth, up from 52.3% in 2025. Additionally, 35.8% said that S$1 to S$2.5 million is their “sweet spot” for financial independence.

Furthermore, the respondents want to achieve financial independence earlier than before. While last year, retiring in one’s 50s was the norm, today, many say they want to retire in their 40s, and for the youngest generation of the survey’s participants, Gen Z, some want to achieve financial independence in their 30s or even their 20s.

As for believing whether they can actually get there, while almost four-fifths of respondents (78%) said that they believe financial independence is achievable, just slightly over a third (36%) describe themselves as “moderately confident.” More worrisome is that around the same number 34.6% said they experience frequent or constant anxiety concerning their financial future.

The youngest are the most worried, with 41.2% of Gen Z respondents saying they’re anxious about their financial future. Millennials, meanwhile, are on the other end of the spectrum, as more than half (51.8%) feel strongly confident.

As for Gen Xers, almost four in 10 (38.3%) say they frequently get anxious, but 30.5% feel strongly confident about their financial future. 

Infographic from cimb.com.sg

Regarding the barriers to financial independence, 70.7% identified high living costs as the top concern, followed by low income (54%), family responsibilities (53.4%), market volatility (32.8%), limited financial education (28.2%), and lifestyle pressures such as shopping temptations (22.8%).

Concerningly, only 46.4% of respondents say they’ve started to plan for retirement. While 42.2% say they have competing priorities, 34.4% say they are uncertain about how to start, and 31.9% believe that it is too early.

Professor Sharon Ng, Deputy Dean at Nanyang Business School and Founding Director of the Nanyang Centre for Marketing and Technology, noted: “Our study shows that financial independence in Singapore is no longer defined by a single dollar figure, but by freedom from financial stress. While respondents expressed moderate confidence in achieving this goal, many Singaporeans still face gaps in retirement preparedness.”  /TISG

Read also: ‘They say I’m calculative’: Man faces backlash from friends after scaling down lifestyle to achieve financial independence