SINGAPORE - Two out of five residents in Singapore are not confident about their preparations for retirement, said DBS Bank and Manulife in a press release on Tuesday (Jan 5).
This was revealed after a survey was conducted in Nov as part of a study jointly conducted by the two companies.
It also found out that 56 per cent of those who have started retirement planning have not sought any form of advice, and 36 per cent believe they can retire comfortably with their current savings and investments,
Only 30 per cent expect to downgrade their current lifestyle and habits when they retire.
"Retirement in Asia is a hot issue; populations are aging, workforces are shrinking, and many are underestimating the amount they need to lead the retirement lifestyle that they want," said Richard Vargo, Regional Head of Bancassurance, DBS Bank.
"For example, Singaporeans hold high expectations for their retirement years, but many are leaving it too late to make their hopes a reality. We encourage Singaporeans to seek professional advice early to plan and review their options for their retirement," he added.
The DBS-Manulife Retirement Wellness Study in Asia was aimed to uncover the retirement attitudes, expectations and preparedness among 6,000 pre-retirees in Singapore, Hong Kong, China, India, Indonesia and Taiwan.
1,008 people in Singapore, aged between 40 to 60, participated in the survey online.