A growing number of Singaporeans are concerned that their retirement savings may not last throughout their later years, with family financial responsibilities increasingly delaying long-term financial planning, according to the latest Manulife Asia Care Survey 2026.
The survey, which gathered responses from 1,074 adults in Singapore, paints a picture of mounting financial pressures despite a strong desire among residents to remain financially independent as they age. Rising concerns over retirement income, healthcare costs and family obligations are prompting many people to rethink how they prepare for later life.
One of the survey’s most striking findings is that nearly four in five respondents, or 78%, fear they could outlive their savings. At the same time, 70% are worried about whether they will be able to afford future care needs, a figure that exceeds the regional average of 66%. The findings reflect growing anxiety over the financial realities of longer life expectancy and increasing healthcare expenses.
Family commitments continue to play a significant role in shaping financial decisions. Almost half of all respondents (46%) said they currently have financial responsibilities towards family members. Among those, 62% acknowledged that these obligations have affected their ability to prepare financially for retirement, insurance and other long-term needs.
The impact is particularly evident among younger adults. Around 81% of respondents aged between 18 and 24 reported that family responsibilities are delaying their financial preparedness for later life. Among those aged 25 to 34, the figure stood at 75%.
The survey also found that Singaporeans under the age of 35 allocate an average of 40% of their monthly income to supporting family members. While such support reflects strong family values, it also reduces the amount available for personal savings, investments and retirement planning during the years when long-term financial growth is often most effective.
Despite these challenges, financial independence remains a clear priority for most Singaporeans. An overwhelming 92% of respondents said they hope to remain financially self-sufficient as they grow older rather than depending on family members for support.
The desire to avoid becoming a burden on loved ones also emerged as a key concern. About 61% of respondents said that their definition of “freedom in a long life” is the ability to avoid relying on others for financial assistance or daily care.
The survey highlights several factors that respondents believe could threaten their financial security in retirement. More than half, or 55%, identified insufficient savings and investments as the biggest obstacle to remaining financially independent in later life. Another 42% cited the lack of a stable income stream after retirement as a major concern.
Although personal savings remain the cornerstone of retirement planning, many respondents are beginning to diversify their financial strategies. Around 78% still expect personal savings to fund both retirement and future healthcare needs. At the same time, 43% said they plan to diversify their investments across different asset classes to strengthen their financial resilience. Another 34% are considering income-generating investments that could provide a more reliable stream of earnings during retirement.
The findings also point to a gap between awareness of preventive healthcare and actual health-related behaviour. A large majority of respondents recognise the importance of maintaining good health. Around 87% said regular medical check-ups are important, while 88% believe preventive healthcare can reduce the risk of developing chronic illnesses.
Even so, only half of those surveyed undergo a comprehensive health screening every year. More notably, 11% said they had never undergone a full health screening, suggesting that awareness does not always translate into action. Regular preventive care can help detect illnesses at an early stage, potentially reducing long-term treatment costs and supporting better health outcomes in later life.
The survey also underscores a broader shift in attitudes towards retirement planning across Asia. As populations age and life expectancy continues to rise, many people are recognising that relying solely on conventional savings may not be sufficient to finance decades of retirement. Increasing healthcare costs and longer retirement periods have encouraged individuals to explore more diversified financial planning strategies, balancing savings with investments that can generate sustainable long-term income.
The Manulife Asia Care Survey 2026 was conducted between February and March 2026 across nine Asian markets and included responses from more than 9,000 adults. The findings from Singapore highlight the balancing act many residents face as they seek to support their families today while safeguarding their own financial security for the years ahead. With concerns over retirement adequacy and future healthcare costs continuing to grow, the survey suggests that financial preparedness and preventive health planning are becoming increasingly intertwined components of long-term wellbeing.