Baby Boomers wish they started planning 12 years earlier
SINGAPORE – Media OutReach Newswire – 28 August 2025 – As Singapore celebrates 60 years of independence, Gen Zs (aged 16-28) are optimistic about their financial future in the next 60 years ahead. Half (51 per cent) of them are confident they will be able to retire well and pay for their daily necessities, healthcare and other expenses. This young cohort displays slightly more optimism than Millennials (45 per cent) and Gen Xs (38 per cent).
However, 72 per cent of Gen Zs say that they do not have a retirement plan. As they are mostly students and new entrants to the workforce, they are focused on growing their earning power and prefer to begin saving for retirement when they have more disposable income later in life.
Gen Zs have unique work/life preferences that need to be considered in developing their retirement plans. They are focused on earning multiple income streams (41 per cent). In addition, 60 per cent do not value work-life balance over career advancement, more so than older generations. About 32 per cent hope to find remote work opportunities so they can balance work and travel, and 22 per cent are keen on having multiple “micro-retirements”. Half (54 per cent) expect to retire by the age of 60, and 20 per cent aim to do so by 50.
These insights are from the SG60 Financial Future Poll[1] commissioned by Prudential Singapore (“Prudential”), which surveyed 1,000 Singapore residents aged 17 to 76 in July 2025. It explores how ready Singaporeans are for retirement over the next 60 years and asks Baby Boomers (aged 55 and above) about the financial decisions that they might have made differently.
Mr Jeff Ang, CEO of Prudential Financial Advisers Singapore, said: “Gen Zs are confident about the next 60 years because they have grown up in a nation that has flourished and provided them with the opportunities to thrive. They are go-getters who are willing to work hard while they are young to cultivate multiple income streams, but they want to do so on their own terms, with frequent travel and breaks.
“While it is easy to delay retirement planning when you are focused on earning, it is important to boost your financial power by seeking financial advice early. You don’t need a large sum to begin—starting small and staying consistent can go a long way, especially with the power of compounding. Optimism and hustle are great, and when paired with financial planning, they will set you up for long-term success.”
Baby Boomers wish they had started financial planning 12 years earlier
Gen Zs could do well from listening to the advice of Baby Boomers who have decades of experience in managing their money. Almost all Baby Boomers (94 per cent) said they would have changed their approach to financial planning. They wish they had started financial planning 12 years earlier – at age[2] 28, rather than 40. On average, Singaporeans across all ages said they should have started five years earlier.
Reflecting on their life journey, Baby Boomers’ top regrets for delaying retirement planning include:
- 61 per cent wish they built stronger financial habits sooner
- 49 per cent think they could have retired much earlier with timely financial planning
- 45 per cent feel they would have experienced less stress about retirement savings
- 35 per cent wish they had begun investing earlier
- 28 per cent regret unnecessary spending
Said Mdm Sherafina Tan, 62: “In hindsight, I wish I had started planning for retirement much earlier. Now that I’m retired, I’m more aware of how quickly expenses can add up, especially as the cost of living continues to rise and healthcare becomes more expensive. Although I have supportive children, I don’t want to be a financial burden to them. I was thinking I’ll spend 10-20 years in retirement, but it may be 30 years or more since we are living longer. I should have done more with my spare cash by investing the money.”
The high cost of living (75 per cent), healthcare costs (56 per cent), and insufficient income growth (50 per cent), were cited as key concerns among the respondents of the different age groups.
Added Mr Ang: “Older Singaporeans are now focusing on how to live well beyond 60 and into their golden years. They need lasting wealth streams to manage the inevitably increasing costs of living due to inflation and other factors. Your CPF and bank savings are a good start to achieving financial security. This should be complemented by a diversified wealth portfolio with the right investments to bring in passive income and adequate life and health insurance coverage to support your lifestyle over time.”
When asked how they would fund their retirement, the majority of respondents cited CPF savings (67 per cent) and bank savings (62 per cent) as their top sources of funding for retirement. They also intend to draw on other wealth generation options including stocks, index mutual funds/Exchange Trade Funds (“ETFs”) tracking indices such as S&P 500, bonds, insurance policies and investment-linked plans (ILPs).
Concludes Mr Ang: “Our survey shows that Gen Zs and Millennials are more likely to invest in index mutual funds and ETFs, while relying less on insurance for retirement compared to the older generations. They should also consider protection as part of their long-term financial strategy. Health insurance is best bought early while you are still in good health. Other types of insurance such as savings and wealth accumulation solutions can offer the growth and stability that Singaporeans look for as they manage rising costs and plan for life beyond 60.”
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About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)
Prudential Assurance Company Singapore (Pte) Ltd is one of the top life and health insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 94 years. The company has an AA- financial strength rating from leading credit rating agency Standard & Poor’s, with S$57.7 billion funds under management as at 31 December 2024. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 5,400 financial representatives.
