They may be relatively well-off and well-prepared for retirement, but affluent Singaporeans are still the gloomiest in Asia when it comes to their future, a new survey has found.
Though they bought the most insurance in the region, Singaporeans had the lowest level of confidence and satisfaction about life among 2,400 respondents from eight countries who took part in a study conducted by AXA Life Insurance.
Six in 10 'mass affluent' Singaporeans, whose monthly personal incomes average S$4,000, (US$2,705) started to plan for retirement as early as at the age of 34 on average, compared with the regional average of 39.
Yet, they had the lowest score of 59.2 on AXA's Life Outlook Index, compared with the average score of 71.6 for the eight countries surveyed, which included China, Indonesia, India and Malaysia.
The index adopts a scale of 1 to 100, from least to most optimistic.
Indians topped the list for being the most optimistic bunch.
The survey covered four aspects of life--career, retirement, family and health. The 300 Singaporean respondents generally had the lowest scores in all four categories.
A majority of them worry about job security and career prospects.
Singaporeans' negative outlook is 'somewhat surprising', in view of Singapore's strong economic growth and high living standards, noted Annette King, AXA Life Insurance Singapore's chief marketing and strategy officer.
The sentiment may have been partly influenced by volatility in the stock market in August, when the survey was conducted, she said at a press conference yesterday (Oct 4) to discuss the survey results.
In August, retirement planning was also a hot topic in Singapore, after changes to the Central Provident Fund (CPF) were announced during the National Day Rally.
Prime Minister Lee Hsien Loong has unveiled reforms to the CPF, including compulsory longevity insurance, as part of the Government's package to cater to Singaporeans' retirement needs.
This may have affected Singaporeans' outlook about their retirement plans and careers, said King.
"Singaporeans are now more aware of their financial retirement needs. Thus, they may be less confident about meeting their retirement goals," she added.
The survey also found Singaporeans are unwilling to sacrifice current living standards to save more and retire early. They prefer to work longer and retire later, even though many desire to stop work at the age of 57.
Indeed, King noted that Singaporeans' penchant for present consumption means that they may save less or buy fewer insurance policies.
"Our competitors are actually not rival insurance companies in Singapore, but the Louis Vuittons, BMWs and Takashimayas," she quipped.
source:
http://www.asianewsnet.net/biz.php?aid=12660
'S'poreans least optimistic over their future' 
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