One in four Singaporeans will be 65 or older by the year 2030, according to projections. Because so many seniors anticipate their financial status to worsen in the future, their financial security is a serious cause for anxiety.
Nearly half of respondents (45%) in a poll by the SMU Centre for Research on Successful Ageing (ROSA) reported worrying that they would need to lower their standard of living as they became older. In addition, one in three retirees worries that they will have financial trouble meeting basic needs or making ends meet when they reach retirement age.
What are the necessities older adults are most worried about affording?
Prescription drugs, medical care, and utility bills are the top three essentials that seniors were concerned about paying for. Many elderly Singaporeans are struggling to make ends meet. This id due to the skyrocketing expense of healthcare and drugs, on top of the general cost of living.
What are the reasons for the financial woes of older adults in Singapore?
Many Singaporean seniors are struggling financially for a variety of reasons. Older Singaporeans’ economic worries and purchasing decisions are shaped by rapid inflation and rise in expenses. The COVID-19 pandemic has also led to a decline in employment. Therefore, a decrease in income, and a rise in the cost of living, all of which disproportionately affect the elderly.
What can be done to help older adults in Singapore with their financial woes?
The ROSA has proposed three reforms that might alleviate financial stress for Singapore’s senior citizens:
- The elderly, who are more prone to having serious financial issues, should be the primary focus of assistance programmes. These include older adults with low SES, who are unemployed, laid off, or on sick leave.
- Respondents’ top concerns regarding their capacity to afford basic living expenses were related to the cost of electricity, food, and medical care.
- Reducing the emotional toll of financial worries among the elderly requires clear and consistent communication of the government’s mitigation efforts for inflation and upcoming GST rises.
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Singaporean seniors’ economic security is a cause for concern. Considering the growing number of elderly people in the country and the increasing cost of living, it is crucial that legislation be enacted to assist the elderly and help them weather the economic storm. We can guarantee that Singapore’s senior citizens will be able to spend their golden years in peace and comfort if we provide assistance to those who truly need it and prioritise meeting their basic needs.
More on the financial woes of Singaporean adults
- How many older adults in Singapore expect their financial situation to worsen?
Almost half of respondents (45%) in the poll by the SMU Centre for Research on Successful Ageing (ROSA) reported worrying that they would have to reduce their level of life as they became older.
- What are the necessities that older adults are most worried about affording?
The cost of healthcare, utilities, and medications is a major concern for the elderly.
- Why are older adults in Singapore facing financial difficulties?
The quick inflation and growing expenses, as well as the impact of the COVID-19 epidemic, which has led to a loss of jobs, a fall in income, and an increase in the cost of living, have created financial hardships for Singapore’s elderly population.