Are Singaporeans scared of retirement?

ST spoke to 25 working Singaporeans aged 35 to 75 across diverse socio-economic backgrounds and ethnicities about their attitudes towards retirement. Explaining why some higher-earning individuals may be more anxious about retirement than others on much lower wages, psychology professor Andy Ho says: “Higher earners may be more financially savvy about costs of living, expenditure and investments, while others earning lower incomes may have no viable agency (in being able to spend more) – they may need to rely on tradition and cultural norms, such as filial piety from their children in old age. Prof Ho, who is the provost’s chair professor of psychology at NTU, adds: “High-income earners may also want to maintain the high standard of living they are used to, as much as possible.”  Prof Ho notes that there are typical responses to major life changes, which factor in motivating people to think about key life stages like retirement.

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