A survey done by HSBC shows that Singaporeans are struggling to prepare for retirement as the standard of living in the city-state continues to rise.
Of the 1,000 respondents who took the survey, more than 50 percent felt that their savings for a comfortable retirement were not enough, with 12 percent not saving at all.
Singaporeans also expect a fairly long retirement of 17 years, but their financial savings can only account for the first nine years, according to the survey.
When asked about the obstacles of saving, 47 percent of those who don’t save said the day-to-day cost of living was holding them back.
Singaporeans, however, are more likely to save up for retirement, with 54 pecent choosing this option, as compared to the 40 percent who would choose to save for a holiday.
Photo: Tax Credits
