Singaporeans not ready for retirement

They said they're suffering from the current economic environment.

In a recent survey by health insurance survey company Cigna, it was found out that Singapore's financial score is one of the lowest, with 85% of respondents reported that they have insufficient money for retirement. 54% of Singaporeans said they are suffering from the current economic environment.

The 2017 360o Wellness Survey also found out that family welfare also declined across Asia, with Singapore ranking second lowest at 61.2% after South Korea (56.6%). 70% think they have not spent enough time with their families and only 23% can take care of their parent’s health and well-being.

About 22% of Singapore respondents did not have a health check in the last 12 months. 41% of those surveyed in Singapore seeks professional help when ill, with most relying on self-administered remedies. While 97% of Singapore respondents are covered by some form of insurance, nearly 60% of them are still paying for their own medical expenses.

The study showed that workplace wellness programs were not yet a strong reason to select an employer, but were frequently cited as a reason to stay with an employer.

Even without pay, people want to stay involved beyond retirement age; this mindset increases with age and involvement often includes volunteerism, with 31% of over 50s in Singapore saying they plan to volunteer

Globally, the 2017 360o Wellness Survey found that the overall well-being of individuals has fallen in the last few years. Nearly 80% of people believe they cannot take care of their children’s and parents healthcare needs. Over 80% do not think they have enough money for retirement or if they lose their jobs.

66% feel their work health coverage is important, highlighting workplace wellness programs as a valued retention tool. Digital health is on the rise - 59% of people are currently/planning to use health apps in the coming year

This article was originally published by Singapore Business Review on September 11, 2017 with supporting content provided by Cigna Singapore.

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