SINGAPORE – Some 43 per cent of affluent Singaporeans looking to retire feel they are on track financially to achieve their desired retirement lifestyle, according to a survey commissioned by Standard Chartered.
The study defines affluent Singaporeans as those with a monthly income of $10,500 and investable assets of at least $408,200.
Among Singapore respondents who are on track with their retirement planning, 70 per cent have invested in stocks, bonds and unit trusts, 47 per cent have put money in government retirement savings schemes, and 42 per cent have invested in property for rental yields.
Comparatively, 52 per cent of Malaysians feel they are on track financially for retirement, while China was the highest with 73 per cent.
The survey also found that 74 per cent of affluent Singaporeans have started retirement planning, higher than the 67 per cent average, but lower than Malaysia’s 78 per cent.
Singapore had the highest percentage of respondents that wanted to run their own business after retirement at 29 per cent, followed by Malaysia at 27 per cent.
The independent study included 1,000 respondents – 200 affluent individuals aged 35 to 59 from each of five markets – China, Hong Kong, Malaysia, Singapore and Taiwan.
The ideal retirement lifestyle for Singaporeans involves travelling (73 per cent), staying healthy through exercising (64 per cent), and indulging in hobbies and activities (63 per cent).
The survey ran from June 19 to July 3, 2019.