Singaporeans delay retirement amid the Great Resignation

SINGAPORE: As The Great Resignation rages on, one in five residents say they now expect to retire at the age of 64, six years later than previously planned, according to a poll commissioned by Prudential Singapore.

The poll, which looked at the effect of The Great Resignation on retirement and financial planning among Singapore residents who had resigned or planned to leave their jobs, also found that 44% of the 1,000 respondents aged 25 to 50 were unprepared for retirement.

"It is concerning that nearly one in two respondents are unprepared for retirement. With rising lifespans, Singaporeans need to accumulate even bigger nest-eggs so as not to outlive their savings," said Dennis Tan, Prudential Singapore's CEO.

Some 73% of the respondents identified Central Provident Fund savings as their top source of retirement income.

In addition, the poll found that 84% and 81% of the respondents were worried about the increasing cost of living and rising healthcare expenses, respectively.

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