69% of Singaporeans Anticipate Working Beyond Retirement Age—Study

SINGAPORE: Nearly 70% of Singaporeans expect to continue working after reaching retirement age, according to a recent study. In March, the government announced plans to raise the retirement age to 64 and the re-employment age to 69, effective from July 1, 2026. Currently, the retirement age stands at 63, while the re-employment age is 68. This adjustment is part of a broader initiative to incrementally increase the retirement age to 65 and the re-employment age to 70 by 2030, a policy first introduced in 2019.

On Monday (Aug 19), the Singapore Business Review (SBR) reported a decline in the perception of financial inclusion among Singaporean households, dropping from 84% last year to 66%, as per data from Principal Financial Group. The report highlighted that perceptions of financial inclusion have decreased this year across 39 of 41 markets.

Financial inclusion refers to the ability of individuals to access financial services that aid in wealth building, including savings, credit, loans, equity, and insurance. It plays a crucial role in reducing poverty and fostering prosperity.

Despite many Singaporeans aspiring for financial freedom in retirement, 69% still foresee the need to work when that time arrives. Furthermore, over 60% (61%) express confidence in fulfilling their obligations while saving for retirement, and nearly as many (58%) believe they can maintain their desired lifestyle upon retiring.

Importantly, over half (56%) of respondents feel optimistic about their financial situation improving throughout their lifetime. The SBR report also indicated that the government is viewed as the most significant contributor to financial inclusion, with nearly 72% of Singaporeans believing that government initiatives support their financial well-being, compared to 63% for the financial system and 60% for employers.

Most respondents also agreed that there are robust systems in place to protect against financial fraud (69%) and unfair business practices (70%). Additionally, a significant majority feels that the government makes education accessible (75%) and provides easy access to financial education resources (67%).