AIA Singapore reveals Singaporeans spend 2.5 times more on their children’s needs than their retirement planning


60% of Singaporeans face an uncertain future by not prioritising their retirement planning

SINGAPORE – Media OutReach – 7 July 2021 – AIA Singapore today unveiled that young families in Singapore have deprioritised planning for their retirement because they are spending at least 2.5 times more of their monthly expenses on their children’s needs rather than taking charge of their own retirement planning. Parents spend almost 20%[1] of their income on their children but less than 7% on their own retirement planning. 70% also said they intend to either maintain or increase the amount of income allocated to their children’s expenses.