In data that runs counter to the image of Singaporeans as avid savers and wealth accumulators, survey evidence reportedly shows that 31 per cent of citizens in the jurisdiction over the age of 55 haven’t started saving for retirement.

In data that runs counter to the image of Singaporeans as avid savers and wealth accumulators, survey evidence reportedly shows that 31 per cent of citizens in the jurisdiction over the age of 55 haven’t started saving for retirement.

The figure appeared in a recent Aviva Consumer Attitudes survey. Media reports said 55 per cent of those in the 25-34 age group have also not started to save for retirement. Overall, 44 per cent of Singaporeans have not started saving for this objective.

"They [Singaporeans] may underestimate the amount required and think they still have time to delay saving. On the flip side, they could also overestimate the amount needed and intimidate themselves into not making a decision," Daniel Lum, direct of product and marketing at Aviva Singapore, was quoted saying.

The survey also found that about 64 per cent of those who have started saving were reliant on the Central Provident Fund (CPF) as the main source for their retirement savings.

Another survey, published a few days earlier by UK-listed Standard Life, suggested that expats living in the jurisdiction are being squeezed, potentially hitting savings. Expats living in Singapore, recently named the world’s most expensive city, are putting less money into savings as more of their resources goes into keeping up with rising costs. That study found that half the respondents said they do not feel their salary matches the cost of living in Singapore, even though 80 per cent earn more and 70 per cent save more than they did before moving to the jurisdiction.

In the Standard Life survey for this year, nearly half of respondents set aside less than 10 per cent of monthly income towards long term savings such as for retirement planning.