Placing less value on property, holding on to cash: Study reveals shifting retirement mindsets in S’pore

There appears to have been a shift in how people in Singapore view property as a retirement asset for their golden years.

In the

, respondents were asked about their past and current views of property as a key retirement asset – with 35 per cent currently considering it key, down from 65 per cent who previously thought so. 

This finding suggests that the value placed on property for retirement preparation has declined over the years. This change in perception is evident across all ages, but most pronounced among those aged 25 to 34, the survey notes. 

These insights are drawn from an online survey conducted between January and February 2025, which gathered responses from over 9,000 people across nine Asian markets. Of these, 1,021 were from Singapore.

“As people increasingly recognise the need for income-generating assets in retirement, many, particularly younger adults are turning to financial tools that offer more flexibility, income potential, and long-term growth,” notes Ms Koh Hui Jian, chief executive officer of Manulife Investments Singapore.

But changing attitudes towards property are just one part of a broader re-evaluation of what it means to age well in Singapore.

This year’s edition of the Asia Care Survey, which explores the theme of longevity, also revealed a profound shift in how people across Asia envision their lives as they age. As people in Singapore live longer, the

.

“People are pursuing more balance between health and wealth – ensuring a financially independent retirement that allows for a better and more fulfilling life in later years,” says Mr Benoit Meslet, chief executive officer of Manulife Singapore.

Financial resilience emerged as a central theme in the survey. For many living in Singapore, this means having the confidence and ability to support themselves financially, especially in the face of rising healthcare costs, inflation and longer lifespans.

“Longevity today is less about adding years to life – and more about adding life to years. In order to do that, financial resilience in the golden years is crucial to Singaporeans. This is why retirement planning is so important,” says Mr Meslet.

Retirement planning often goes hand in hand with preparing for healthcare needs – through both savings and insurance, and many are already bracing for higher medical and caregiving costs in their later years, according to the report.

On average, respondents expect to face critical health issues, such as cancer, Alzheimer’s and stroke, by age 66.5, if not earlier. With

, some may spend at least 17 years of their lives managing illness. This underscores the importance of building not just wealth, but a financial safety net for health-related expenses.

For seven in 10 respondents in Singapore, having insurance offers peace of mind. It helps ease the mental load of worrying about healthcare costs later in life.

“When people know that they are covered for healthcare and medical expenses, it gives them the reassurance they need to look forward to a more worry-free retirement,” says Mr Meslet.

Despite this awareness, many in Singapore are still uncertain about whether they will have enough to retire comfortably. In fact, close to six in 10 believe they will not have sufficient funds when the time comes.

One of the reasons for this could be the lack of clearly defined financial strategies and goals.

As many as 51 per cent of respondents recognise the importance of diversifying their cash holdings into higher-return investments to grow their wealth for retirement. Yet, the reality is that most are still keeping a substantial amount of their assets in cash. According to the survey findings, cash, savings and fixed deposits make up 47.3 per cent of total assets among people in Singapore.

This cautious approach, while understandable, may hold back wealth growth in the long term, says Ms Koh.

“Keeping too much in cash erodes purchasing power and can limit your ability to grow your wealth meaningfully over time,” says Ms Koh. “It’s important to find a balance between security and long-term planning, especially when preparing for retirement.”

Among those who have begun financial planning for retirement, priorities vary markedly across age groups, the survey found.

Older respondents, aged 55 and above, tend to favour solutions that offer steady, predictable income streams to support their current needs.

Younger respondents aged 25 to 34, on the other hand, are more keen to optimise long-term growth, showing a willingness to take calculated risks and grow their wealth early.

This forward-looking mindset reflects greater financial awareness among younger generations, many of whom have greater access to personal finance tools and information than the generation before.

“We’re seeing that younger adults are more financially literate and proactive than before,” notes Mr Meslet. “They understand the value of starting early and making informed decisions to protect their future.”

Regardless of age, having professional guidance appears to make a difference in how prepared people feel about retirement adequacy. The survey found that 71 per cent of respondents who work with a financial planner feel confident that they are on track to meet their retirement goals, compared to 41 per cent of those who go it alone.

”It is important to tailor your financial plan to your life stage, and keep it updated, so that it can serve your needs at the time. A young parent will have a different financial plan than another person who is closer to retirement,” says Mr Meslet. “Having a clear strategy, tailored guidance, and the confidence to take action can help turn aspirations into tangible outcomes. It gives people the peace of mind to look forward to the years ahead with greater certainty.”

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