SOUTHEAST ASIA: Sixty-two per cent of employees across Southeast Asia said they want to retire in their 50s or 60s, according to a survey by Milieu Insight.
The study determined how widespread the FIRE movement is in the region and the efforts being made to achieve the goal of retiring early and securely. The FIRE movement refers to "Financial Independence, Retire Early," which is fulfilled by spending less money and establishing multiple sources of income to experience financial freedom early.
Regular saving (71%) is the most prevalent method for early retirement, followed by "being careful with how I spend my money" (63%) and 'investing' (63 percent ). Most individuals are hands-on when it comes to retirement preparation; just 31% of those who want to retire early said they had a financial counselor to assist them plan for retirement.
Meanwhile, investment funds (56%), stocks (53%), and real estate are the most popular investment categories (52%). While cryptocurrency and NFTs are gaining traction, they have yet to become major investment avenues due to their volatility. They register at 41 percent, with their popularity high in Thailand (57%) and in the Philippines (54%)
Fifty-seven per cent of respondents feel "very" or "somewhat" positive about retiring early compared to those who are planning to retire early but don’t think they are able to.
The surveys asked 1,500 employed respondents, aged 18-49 years old, each from Thailand, Singapore, Malaysia, Indonesia, and the Philippines, in May 2022.