Young People in Singapore Spend a Lot on Family

A survey found that 81% of young Singaporeans say family costs stop them from planning for the future.

For those aged 25 to 34, 75% in Singapore have family costs, compared to 69% in Asia.

The CEO of Manulife Singapore said many young people support families and build their lives at the same time.

This means they have to make big choices, and it's not surprising many feel they can't plan for the long term.

A woman is taking a picture in Singapore.

The study found 92% of Singaporeans want to be financially independent for as long as possible.

For many, being independent means having privacy and the freedom to make choices without family pressure.

Many hope to not be a burden to their families. 61% said freedom means not being a burden to loved ones.

The pressures affect more than just money and also impact health care.

73% of young Singaporeans delayed medical care due to caregiving, more than the regional average.

Delays can increase long-term risks. Singapore has one of the highest life expectancies in the world.

78% of adults worry about outliving their savings, and 70% worry about affording future care.

Despite concerns, 78% rely on personal savings for retirement.

Some are starting to invest in different ways to prepare for the future.

The survey polled over 1,000 people in Singapore as part of a larger study across Asia.

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