Singapore’s New Retirement Mindset: Dignity Over Duration
A growing number of Singaporeans are rethinking what it means to age well, not by counting the years, but by making those years count.
Manulife’s latest Asia Care Survey 2025 reveals a shift in consumer priorities: quality of life, purpose, and financial independence now outweigh the pursuit of longevity.
Singaporeans are moving away from the traditional ideal of living longer and instead focusing on how they live those years. According to the survey of over 1,000 respondents, only 6 percent said a longer lifespan was their top desire. In contrast, 24 percent prioritized staying active and enjoying life, and 43 percent expressed a strong desire to avoid chronic illness in old age, a figure notably higher than the regional average of 31 percent.
Manulife Singapore’s CEO Benoit Meslet observed: «We see a shift in perspectives of aging and longevity in Singapore. It is no longer defined by the number of years, but by the quality of the years lived.» The firm advocates a holistic approach that combines financial planning with health and wellness strategies to ensure well-being throughout life.
Financial Freedom as a Key Retirement Goal
Financial independence remains a major aspiration, with 21 percent of Singaporeans aiming to be completely self-reliant in retirement. Despite this, many still rely heavily on cash savings (35 percent), CPF (22 percent), and property (19 percent) – investment vehicles that may not offer the growth potential required for a secure future.
Moreover, Singaporeans are feeling the strain of supporting both current and future generations. About 65 percent are helping to cover their parents’ expenses, with over one-third covering more than half. To meet these demands, 44 percent plan to keep working as long as they can, and 45 percent intend to tap into their own retirement savings.
More Willingness to Diversify, but Gaps Remain
While many consumers recognize that holding cash may not be the best strategy, there is still inertia. Over half (51 percent) of those who feel financially unprepared for retirement acknowledge the need to diversify their savings. Encouragingly, 58 percent are more open to investing idle cash in income-generating assets, and nearly half want pension providers to ensure steady retirement income.
Koh Hui-Jian, CEO of Manulife Investments Singapore, emphasized the importance of starting early and staying invested. «Singapore consumers are actively seeking ways to diversify their investments, build robust income streams, and better utilise their cash holdings,» she said, pointing to options such as mutual funds, savings plans, and voluntary CPF contributions.
Health Worries Loom Large Despite Insurance Awareness
Despite their forward-thinking approach to financial security, Singaporeans remain anxious about their health in later life. Most expect serious health issues to begin around age 66.5, with cancer, Alzheimer’s, and stroke topping their list of concerns. This leaves an expected 12 years of life lived with illness, based on their average expected lifespan of 79.
The survey also revealed a perceived connection between financial and physical well-being. Around 72 percent believe financial security affects their health, and 70 percent see insurance as a way to gain peace of mind. However, coverage remains low – only 35 percent have critical illness insurance, 41 percent have life insurance, and a mere 15 percent have disability insurance. Worse still, 30 percent have no plans to improve coverage in the near term.
Raising Awareness and Taking Action
Manulife Singapore’s Chief Marketing Officer, Mark Czajkowski, sees these gaps as a call to action. «As we live longer lives, we want to have better lives too,» he said. «Talking about how insurance can fill these gaps is the first step towards ensuring well-being.»
The company is now focused on sparking more conversations around longevity, wellness, and financial planning, encouraging Singaporeans to proactively shape the kind of lives they want to lead – years filled with dignity, purpose, and peace of mind.
