SINGAPORE: A recent survey conducted by Manulife has highlighted a contentious issue in Singapore: the expectation that children should provide financial support to their parents in retirement. These parents, however, have been met with criticism online.
According to The Business Times, The Manulife Asia Care Survey 2024 reveals that many parents view their children as a “great investment” for retirement.
Although this may be the “norm” in most Asian households, not just in Singapore, younger Singaporeans on social media felt that this “good old traditional Asian family values” are “reducing children to being great investments.”
The survey, which involved 1,038 Singapore residents aged 25 to 60, found that 60 per cent of those planning to have children, as well as those who already have them, see their offspring as a financial safety net for their retirement. This sentiment is echoed across Asia, with 59 per cent of respondents having the same perspective.
Ironically, a significant 55 per cent of respondents also see the responsibility of supporting their own elderly parents as a financial burden.
According to Manulife, “It appears to suggest that Singapore respondents are trapped in a cycle of financial obligations to parents and, subsequently, the financial dependence on their children.”
Singaporeans online responded strongly to this survey, with many criticising the expectation that children should provide financial support to their parents.
One commented, stating, “They better hope they were good parents then. My dad wasn’t around most of my life and won’t be getting a single cent from me. My mum, who made sacrifices to raise me even till today, will have me there till the end.”
Another shared a similar sentiment, “For me, it’s both—an absent dad and a mum who kept comparing me to my cousins, asking why I couldn’t be like them.”
Some parents joined the discussion, wondering why parents who expect support from their children are not more responsible themselves.
One parent wrote, “Speaking as a parent, people who expect this are not good parents. So old enough to be retired and still don’t understand personal responsibilities.”
Another parent agreed, saying, “So true. As a parent of two, I already plan to help my kids financially as much as I can, because this country is too expensive.” She shared that she recently checked her CPF balance and felt frustrated that so much of it is locked up, noting that she can’t use it for her family’s needs right now.
On the flip side, some people acknowledged the support they have received from their financially responsible parents.
One noted that he’s so glad his parents are financially literate and fiscally responsible. He shared that when he offered to give them some of his monthly income, they declined, knowing that he was saving for a home.
This, in turn, made him more inclined to support his parents voluntarily. He noted, “They often do their best to not impose on me and my sister, but to be honest, that disposition of theirs makes us want to support them even more.”
Another shared that mutual support within a family is natural. “I think it’s alright to expect your kids to love and support you the same like you loved, encouraged, and supported them. That is what love is. In fact, it’s probably what you will get back from your kids even if you don’t ask.”
Many of the comments shared a common theme. “It’s one thing to expect love and support and another thing to expect a certain monetary value every month. Maybe you have great parents, but unfortunately, the people I know who have to give financial support to their parents are guilt-tripped into giving a specific amount each month,” one commenter shared.
Another chimed in, “If parents have this financial expectation of their children, how about walking the talk by giving them everything they ask for when they’re young? It’s only fair to reap what you sow.”
How about you? Do you view financial support as a natural part of family love or a financial burden? /TISG
Read also: Financial Support to Parents in SG: A Tradition or Obligation?