Work forever?


The Straits Times reported that Singaporeans are more keen to keep working, with about 60% of those surveyed saying they intend to work as long as possible. The global average is 40%.

The survey report is called “The Future of Retirement” and is compiled by HSBC and the Oxford Institute of Ageing.

I took a look at the media factsheet for Singapore, and also the 51-page general report. I summarize the interesting points here (with one or two comments of my own):

  1. 20% of the 60-79 age group and 51% of the 40-49 age group have given support to others (e.g. financial support), but as for receiving support, the proportion is about 20% to 25% for all age groups (aged 40 to 79). Why are people as old as 79 still giving support to others?
  2. About 63% said they will continue to work for as long as possible.
  3. 65% of the younger 40-49 age group feel that “life is full of opportunities”.
  4. “Old people in Singapore miss money more than expected after retirement, bucking the global trend,” says the report. 42% of retired Singaporeans said they worried about not being able to cope financially. In fact, we are 3rd out of 21 countries in terms of “missing money more than expected”. Maybe we’re just a money-minded society.
  5. Fortunately, Singapore ranks quite high with regards to feeling responsible towards their families. We are 8th out of 21 countries, behind countries like India, Malaysia and Hong Kong.
  6. We came in 4th (out of 21 countries) in terms of not missing work as much as expected.

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