Endowus Retirement Report 2022
With record-high inflation and market uncertainty, more Singaporeans are troubled with retirement adequacy.
Inflation has had a more significant impact on Singaporeans’ confidence than Covid-19 uncertainties. While the global pandemic was a painful period for many Singaporeans with job loss, only 37% of Singaporeans were concerned about retirement sufficiency. Within a year, this percentage increased to 42%.
Despite inflation eroding the value of retirement savings, 52% of Singaporeans are still not investing their savings. Among those that do, many choose options that are unlikely to hedge against inflation meaningfully.
These observations reinforced the importance of financial literacy and staying committed to investment goals.
In this edition of the annual Endowus Retirement Report, we delve deeper into Singaporeans’ retirement confidence, how they tackle inflation, and their investment approach in an inflationary environment. We have also compared against last year’s survey findings to identify shifts in retirement sentiments.
About the Study
The study is conducted as Singapore is going through a period of high inflation, where Singapore's headline inflation rate hit a 13-year high of 7%.
This new study seeks to understand if Singaporeans across demographics are confident and capable of making sound short-term budgeting and long-term retirement plans in these challenging times and whether they understand how financial products can address inflation concerns.
The annual Endowus Retirement Report aims to better understand Singaporeans’ attitudes toward the generational challenge of retirement across recent trends.
All figures, unless otherwise stated, are from YouGov Singapore Pte Ltd. The total sample size of this study was 1,087. Fieldwork was carried out from 18 to 22 August 2022. The survey was carried out online. The figures have been weighted and are representative of all Singapore adults (aged 18+) nationally.
YouGov is an international research data and analytics group with a proprietary panel of over 15 million globally, with operations within the UK, North America, Europe, the Nordics, the Middle East, and the Asia Pacific.