Nearly three in four working-age woman in Singapore are worried about being unable to pay for their own care or medical bills in retirement, a survey by HSBC reveals.

A recent survey by HSBC shows that 74 percent of Singapore working-age women are worried about financial shortfalls for medical bills in retirement, compared to 60 percent of their global peers.

Although Singapore women has greater income potential than in the past, many still worry about their retirement or feel they lack the knowledge to adequately manage their own finances, said Carlos Vazquez, chief executive of HSBC Insurance (Singapore).

Key Findings

The survey is conducted on 1,018 respondents in Singapore. Below are the key findings:

  • More than half (54 percent) believe they will struggle to cope financially if their partner dies, compared to 47 percent of their global peers.
  • 41 percent of Singapore’s working-age women either do not know how much they are putting aside for retirement or have not started making any contributions at all. This is in stark contrast to Singapore men, of whom just 31 percent are in the same position.
  • Slightly over a third of women in Singapore believe they are saving more than their partner. 
  • Only one in five (21 percent) women pitch their financial knowledge as higher than their male partners. 

«What this tells us is that more needs to be done to help Singapore women better prepare for their retirement. Key to it – equipping them with the financial know-how which will give them the confidence to take a more active role in investing for their future,» said Vazquez.

Different Needs At Different Age

«With better healthcare and longer life expectancy, for many, retirement planning will need to consist of over 30 years of living and medical expenses. However, we need to recognise that our needs at 65 can be very different from our needs at 75 or 85, with very different financial implications,» said Deepak Khanna, head of wealth development, HSBC Bank (Singapore).

According to the Life Insurance Association Protection Gap Study 2017, the current protection gap for active Singaporean residents is S$893 billion.  Of these, only 20 percent of Singaporeans have their critical illness protection needs met.