How Singaporeans feel about retirement
Singaporean workers are anxious about their retirement prospects, according to a study released on Monday (Sept 14).
But the majority reject the notion that family members should be primarily responsible for providing for the elderly, stated the survey by Global Aging Institute (GAI) and insurer Prudential Corporation Asia.
Instead, 48 per cent felt that retirees should provide for themselves through their savings, while 30 per cent felt that responsibility belonged to the Government.
This, despite one in five retirees saying they were unable to get by without the support of their children.
Many were also concerned that their existing planned retirement income was much smaller than their pre-retirement income, with two in five retirees saying they had "a lot less" now than when they had been working.
Dr Richard Jackson, founder and president of GAI, said: "Traditional family support networks have been weakening, yet adequate government and market substitutes have not yet been put in place. The result is growing economic vulnerability."
He added that "workers are very anxious about their retirement prospects, but are also very eager to improve them".