3 in 5 Singaporeans are unprepared for retirement

Almost a third think they can only retire from work after 70.

There are more Singaporeans unprepared for retirement than those who are prepared, technology service company BetterTradeOff (BTO) revealed.

According to a survey commissioned by BTO with BlackBox Research, three in five Singaporean respondents have declared that they are not confident about having enough money in retirement.

Despite the retirement age being 62, about 38% plan to work through retirement, whilst 27% said they will be over 70 when they retire.

Meanwhile, only 17% of Singaporeans rely on the Central Provident Fund (CPF) despite "Singapore’s strong retirement framework."

Relying on children for financial support in retirement is felt to be required by one in five Singaporeans.

"In Asian culture, it is not uncommon for children to support their parents as most Asian children have been brought up in extended or multi-generational families," BTO said.

Despite this, only 18% said they have consulted a financial adviser.

"Advisers should attempt to reach out to their potential clients with an aim to educate. Improved financial literacy will empower clients to have confidence in making their own informed personal financial decisions with the adviser according to their priorities and needs," BTO said in a press release.