Millennials are Singapore's new ‘sandwich generation’: survey
The youngest millennials are now part of the workforce.
Millennials are Singapore's new 'sandwich generation' according to Etiqa Insurance Pte. Ltd.
Etiqa’s Protection Survey Report gathered responses from 815 individuals aged 25 to 40. The study aimed to shed light on millennials’ financial commitments and considerations when purchasing life insurance. This resulting report coincides with the first launches of protection products, to be progressively rolled out over the next 6 months.
The sandwich generation are middle-aged working adults ‘sandwiched’ between taking care of their kids and taking care of their aging parents.
The survey revealed that the foremost sources of financial concern listed by respondents were providing for their ageing parents financially (48%) and funding their own retirement (60%). Both worries could be linked to the rising costs of living and life expectancy in Singapore.
“In just a decade from 2010 to 2020, local life expectancy increased from 81.54 to 83.90 years. As this figure rises, so lengthens the time millennials need to support their parents and eventually themselves in old age,” Etiqa Singapore said.
Etiqa added that as millennials juggle responsibilities to younger children and ageing parents, the insurer’s challenge lies in providing competitive life insurance and critical illness coverage tailored to millennials’ emergent needs.
Meanwhile four in five are worried about affording their healthcare expenses (82%), and three in five are worried about caregiving costs (60%).
“Few older parents may recognise the risk of outliving their savings, or be willing to augment protection in old age due to high cost. Millennials can nonetheless ensure that their parents will have the funds they need, mishap or otherwise, by purchasing sufficient life insurance coverage for themselves,” Etiqa said.