This young cohort, aged 16-28, displays slightly more optimism than Millennials (aged 29-44) and Gen Xs (aged 45-55) at 45% and 38%, respectively.
However, 72% of Gen Zs say that they do not have a retirement plan. As they are mostly students and new entrants to the workforce, they are focused on growing their earning power and prefer to begin saving for retirement when they have more disposable income later in life.
Gen Zs have unique work/life preferences that need to be considered in developing their retirement plans. They are focused on earning multiple income streams (41%). In addition, 60% do not value work-life balance over career advancement, more so than older generations. About 32% hope to find remote work opportunities so they can balance work and travel and 22% are keen on having multiple “micro-retirements”. Around 54% of them expect to retire by the age of 60 and 20% aim to do so by 50.
These insights are from the SG60 Financial Future Poll commissioned by Prudential Singapore, which surveyed 1,000 Singapore residents aged 17 to 76 in July 2025. It explores how ready Singaporeans are for retirement over the next 60 years and asks Baby Boomers (aged 55 and above) about the financial decisions that they might have made differently.
Jeff Ang, CEO of Prudential Financial Advisers Singapore, said: “Gen Zs are confident about the next 60 years because they have grown up in a nation that has flourished and provided them with the opportunities to thrive. They are go-getters who are willing to work hard while they are young to cultivate multiple income streams, but they want to do so on their own terms, with frequent travel and breaks.
“While it is easy to delay retirement planning when you are focused on earning, it is important to boost your financial power by seeking financial advice early. You don’t need a large sum to begin—starting small and staying consistent can go a long way, especially with the power of compounding. Optimism and hustle are great, and when paired with financial planning, they will set you up for long-term success.”
Baby Boomers wish they had started financial planning 12 years earlier
Gen Zs could do well from listening to the advice of Baby Boomers who have decades of experience in managing their money. Almost all Baby Boomers (94%) said they would have changed their approach to financial planning. They wish they had started financial planning 12 years earlier – at age 28, rather than 40. On average, Singaporeans across all ages said they should have started five years earlier.
Reflecting on their life journey, Baby Boomers’ top regrets for delaying retirement planning include: 61% wish they built stronger financial habits sooner; 49% think they could have retired much earlier with timely financial planning; 45% feel they would have experienced less stress about retirement savings; 35% wish they had begun investing earlier; and 28% regret unnecessary spending.
Sherafina Tan, 62, said: “In hindsight, I wish I had started planning for retirement much earlier. Now that I’m retired, I’m more aware of how quickly expenses can add up, especially as the cost of living continues to rise and healthcare becomes more expensive. Although I have supportive children, I don’t want to be a financial burden to them. I was thinking I’ll spend 10-20 years in retirement, but it may be 30 years or more since we are living longer. I should have done more with my spare cash by investing the money.”
The high cost of living (75%), healthcare costs (56%) and insufficient income growth (50%) were cited as key concerns among the respondents of the different age groups.
Prudential’s Ang said: “Older Singaporeans are now focusing on how to live well beyond 60 and into their golden years. They need lasting wealth streams to manage the inevitably increasing costs of living due to inflation and other factors. Your CPF (Central Provident Fund) and bank savings are a good start to achieving financial security. This should be complemented by a diversified wealth portfolio with the right investments to bring in passive income and adequate life and health insurance coverage to support your lifestyle over time.”
When asked how they would fund their retirement, the majority of respondents cited CPF savings (67%) and bank savings (62%) as their top sources. They also intend to draw on other wealth generation options including stocks, index mutual funds or Exchange Trade Funds tracking indices such as S&P 500, bonds, insurance policies and investment-linked plans.
“Our survey shows that Gen Zs and Millennials are more likely to invest in index mutual funds and ETFs, while relying less on insurance for retirement compared to the older generations,” Ang concluded.
“They should also consider protection as part of their long-term financial strategy. Health insurance is best bought early while you are still in good health. Other types of insurance such as savings and wealth accumulation solutions can offer the growth and stability that Singaporeans look for as they manage rising costs and plan for life beyond 60.”
