Only 19% of Singaporeans plan for long-term care

More than half expect government schemes to fund future care needs.

Planning for long-term care remains low amongst Singaporeans, as only 19% of respondents understand and have planned for their future care needs. 

To fund potential long-term care, 52% expect to rely on government schemes, whilst 23% anticipate using private insurance, according to the AIA Longevity Study published on 23 July.

More than half of Singaporeans view living longer as a concern rather than an opportunity, the report added.

The study revealed that 51% of respondents feel anxious about increased life expectancy, whilst only 22% see it as a positive development. 

Overall, 53% of Singaporeans report feeling uncertain about growing older, a sentiment that is most pronounced amongst younger demographics.

A major driver of this uncertainty is the gap between life expectancy and healthy years. 

Whilst Singaporeans expect to live to an average age of 80.2 years, they anticipate their health will begin to decline at 70.2 years, creating a 10-year gap between lifespan and healthspan.

Although 87% of respondents agree that financial security is essential for ageing well, only 33% regularly plan and assess their finances. 

Financial readiness recorded the lowest confidence levels amongst all areas surveyed, with 61% worried about running out of retirement savings and 45% stating they lack confidence in planning for a longer life. 

Additionally, 31% of respondents lack adequate healthcare coverage. Physical health receives higher engagement, with 83% of Singaporeans actively managing their physical well-being. 

Priorities include avoiding disability (57%) and delaying chronic diseases (50%). 

However, preventive measures are often delayed. In the 41-to-50 age bracket, 60% address health issues only after they arise, compared to 46% of those aged 51 to 65.

Mental and social factors also feature in public concerns. Nearly 88% consider mental health as important as physical health, 80% stress the importance of maintaining purpose, and 72% recognise the role of social relationships in longevity. 

However, 61% worry about losing their purpose after retirement, 67% fear suffering from illness or pain, 53% worry about becoming a family burden, and 40% express concern over loneliness.

Irma Hadikusuma, Chief Marketing and Healthcare Officer at AIA Singapore, noted that whilst Singaporeans understand the requirements for ageing well, a significant gap remains between their aspirations and actual preparedness.