Young people in world’s second-richest country devote two-fifths of income to family

The Manulife Asia Care Survey 2026 found that 81% of respondents aged 18 to 24 said family financial responsibilities were preventing them from achieving long-term financial readiness, higher than the regional average of 75%.

For those aged 25 to 34, the ratio in Singapore is 75%, compared to 69% in Asia.

“Many are supporting families, building their own lives and thinking about their future at the same time,” said Benoit Meslet, CEO of Manulife Singapore, as reported by The Business Times.

“This comes with real trade-offs, and it is unsurprising that many feel that their long-term planning is delayed or out of reach.”

A woman takes a picture in Singapore. Photo by Unsplash/Annie Spratt

The study found that 92% of Singapore respondents said their goal is to remain financially self-sufficient for as long as possible without relying on others.

Beyond financial stability, 46% of respondents said self-sufficiency means having privacy and dignity, while 44% associated it with the freedom to make decisions without family pressure.

Many respondents also said they hope to avoid passing financial or physical burdens to the next generation. About 61% defined “freedom in a long life” as not becoming a burden to their loved ones.

The pressures extend beyond finances and are also affecting preventive healthcare habits.

Among Singaporeans aged 18 to 24, 73% said caregiving responsibilities had caused them to delay seeking medical care for themselves, surpassing the regional average of 65% for the same age group.

The delays could heighten long-term risks as Singapore’s life expectancy reached 83.9 years in 2025, reinforcing its position among the countries with the highest life expectancy in the world.

As people live longer, 78% of adults said they are concerned about outliving their savings, while 70% worry about being able to afford future care needs, compared with the regional average of 66%.

Despite widespread concerns about retirement finances, 78% of respondents said they continue to rely primarily on personal savings to fund their retirement.

At the same time, some are beginning to adopt more diversified investment approaches to narrow their financial preparedness gap.

The annual survey by Manulife polled 1,074 people in Singapore as part of a broader study of more than 9,000 adults across nine markets in Asia between February and March this year.