Singapore consumers are prioritising quality of life over the number of years lived, finds Manulife’s Asia care survey 2025.
The survey, which interviewed 1,021 Singapore consumers, revealed that living with enjoyment, meaning, and financial independence is valued more than extending lifespan.
A refined view of longevity
Instead of chasing longer years lived, the survey finds that longevity is now characterised by quality, meaning, purpose and health, with 24% of respondents wishing to stay active and enjoy life in their older years, while only 6% wished for a longer lifespan.
When asked why living longer was not a top priority, more than 50% indicated wanting a meaningful life and quality of life over a longer life.
In particular, living with dignity while aging is crucial for Singaporean consumers, with 43% wanting to avoid extended periods of chronic illness compared to the regional average of 31%.
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Benoit Meslet, CEO, Manulife Singapore, says: “We see a shift in perspectives of aging and longevity in Singapore. It is no longer defined by the number of years, but by the quality of the years lived. Singapore consumers in particular value living with financial security, health, and dignity.”
Desire to improve financial security in retirement among Singapore consumers
Unsurprisingly, financial freedom remains a key aspiration for Singapore consumers, with 21% aiming for total financial independence without needing to rely on others as a top wish.
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Despite this, Singapore consumers do not seem to be putting their money into options that may offer higher-growth potential.
According to the survey, cash remains the most important tool or resource for retirement preparation for 35% of Singapore consumers, followed by pension schemes at 22% and property investment at 19%.
In addition to their own finances and retirement planning, the majority of Singapore consumers are also taking care of their parents financially, with 65% already paying for their parents’ expenses and 35% footing more than half of these expenses.
To afford these obligations, 45% of the city-state's consumers intend to use their own retirement savings, while 44% aim to work for as long as possible.
Among those who think they do not have sufficient funds for retirement, 51% feel the need to diversify their cash holdings into investment options that may offer higher potential returns to afford retirement.
Additionally, 58% are now more willing to invest idle cash into assets that can potentially generate sustainable income, while 49% want their pension providers to ensure steady income streams during retirement.
“The key is to start early and stay invested, even into retirement years. The potential returns generated can be reinvested to further fuel the recurring income needed for the financial freedom that Singapore consumers desire,” says Koh Hui-Jian, CEO, Manulife Investments Singapore.
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Better lives possible with holistic view of wellbeing and longevity
When it comes to future expectations of their health, pessimism among Singapore consumers is a common theme, with 53% believing that cancer is the most difficult illness to prevent, followed by Alzheimer’s at 29% and stroke at 27%.
Furthermore, on average, they expect to start experiencing critical health issues at an age of 66.5 years old, if not having experienced any already.
Worryingly, although Singapore consumers expect to live to an age of 79, the survey respondents also think that at least 12 of those years will be spent living with illness.
Notably, 72% of Singapore consumers see that their financial wellbeing has an impact on their physical health.
In particular, insurance is regarded as a means to alleviate worries and enhance their health, with 70% agreeing that insurance protection helps with greater peace of mind in retirement years; and over half trusting that it can positively impact physical health.
However, despite these beliefs, only 35% have critical illness insurance, 41% have life protection insurance and 15% have disability insurance, with a worrying 30% not planning to take up any insurance in the next 24 months.
Mark Czajkowski, CMO, Manulife Singapore, concludes: “Even as insurers improve their product offerings, the lack of urgency to assess coverage gaps suggests that insurers can create more opportunities for conversations around health, wellness, and longevity to take place.”
