Financial independence is taking on a new meaning as Singapore residents raise both their wealth ambitions and their timelines, according to a joint study by CIMB Singapore and Nanyang Technological University.
According to the second edition of the “Attitudes and Beliefs towards Financial Independence Report”, independence is now increasingly quantified, with 56.3% aspiring to accumulate over $1 million, up from 52.3% in 2025, with 35.8% identifying $1-2.5 million as the “sweet spot” for financial independence.
This rising wealth ambition is matched by an accelerated timeline: where retirement in the 50s was the norm just a year ago, today’s benchmark has moved into the 40s. Gen Z is pushing boundaries even further, envisioning financial freedom in their 30s, or in some cases, their 20s.
The study, which was unveiled on May 23 as part of the third edition of InsureXpo® 2026, drew responses from over 1,000 Singapore residents aged 18 to 60 on their views about financial independence in 2026.
Anchored on a “Money Gym” concept, the event featured industry players such as Singlife, AIA, FWD, and Income – alongside policymakers, academics, and industry experts. Together, they empowered Singapore residents to strengthen their financial fitness through interactive stations designed to build financial stamina and resilience.
Confidence remains mixed
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While many Singapore residents believe financial independence is achievable, confidence remains mixed and anxiety persists. More than three quarters, or 78.0% believe that financial independence is achievable, just 36.0% describe themselves as only “moderately confident”, and 34.6% report frequent or constant anxiety about their financial future.
Generational differences stand out: Gen Z reports the highest anxiety at 41.2%, Millennial emerges as the most confident with 51.8% expressing strong confidence, and Gen X falls in between, with 38.3% experiencing frequent anxiety and 30.5% feeling strongly confident.
There is seemingly a gap between ambition and action. The drive for financial independence remains strong, but many struggle to translate intent into action. Key barriers include high living costs (70.7%), low income (54.0%), and family responsibilities (53.4%), with growing concerns around market volatility (32.8%), limited financial education (28.2%), and lifestyle pressures such as shopping temptations (22.8%).
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Yet, fewer than half, or 46.4%, have begun retirement planning, often delayed by competing priorities (42.2%), uncertainty about how to start (34.4%), and the belief that it is too early (31.9%).
These findings highlight a clear disconnect – while independence is widely seen as achievable, confidence is tempered by anxiety, and retirement planning remains deferred, underscoring the persistent gap between ambition and action.
“Our study shows that financial independence in Singapore is no longer defined by a single dollar figure, but by freedom from financial stress. While respondents expressed moderate confidence in achieving this goal, many Singaporeans still face gaps in retirement preparedness,” says Professor Sharon Ng, deputy dean at Nanyang Business School and founding director of the Nanyang Centre for Marketing and Technology.
Different generations, different priorities
As seen from the study, there is a clear difference in financial priorities emerges across generations.
While all aspire to achieve freedom from financial concerns, each group is driven by distinct motivations.
Gen Z places the highest value on autonomy and control over income and spending (25.7%), Millennial focuses on building wealth (27.0%), and Gen X emphasizes living debt-free (20.1%).
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The sandwich generation, balancing the dual responsibilities of caring for both parents and children, demonstrates notably higher financial ambitions.
Nearly two-thirds (64.4%) aim to accumulate at least $1 million, compared with 51.7% of non-sandwich respondents, reflecting the capital needed to sustain multiple generations. This group also stands out for its proactive approach: 91.2% already have a financial independence plan, 60.9% are open to professional advice, and 62.8% view insurance as an investment tool.
Access to financial advice and decisive action are pivotal in improving financial well-being. Those open to professional guidance report far lower anxiety and higher confidence – only 25.4% experience frequent financial anxiety, compared with 42.2% among those who do not seek advice. Confidence more than doubles for individuals who engage a financial planner, rising to 65.8% versus 28.2% for those who do not.
Taking action further amplifies these benefits. Only 30.8% of those with a financial plan report frequent anxiety, compared with 51.9% without one.
Confidence in achieving independence stands at 52.3% among planners, four times higher than the 13.0% recorded among non-planners.
Perceptions of insurance are also shifting. Increasingly, it is seen not only as protection but as an enabler of independence, with 52.6% of residents sharing this view, up from 45.0% last year.
“Financial confidence doesn’t come from chance; it comes from choice. Seeking advice, taking action, and rethinking insurance as empowerment are the drivers that can transform anxiety into financial independence,” said Raymond Tan, Head of Wealth Management and Deposits at CIMB Singapore.
So, how can the gap between ambition and reality be bridged?
The report underscores that financial independence is not a single milestone, but an ongoing journey of resilience across life stages. Financial institutions have a unique opportunity to provide integrated support by reframing savings, insurance, retirement, and wealth advisory services as interconnected elements of one holistic financial journey.
“Even amid global uncertainty, Singapore residents remain anchored in their financial values. Their measured confidence reflects a pragmatic mindset and continued trust in Singapore’s stability and institutions," says Merlyn Tsai, regional head of group consumer banking digital strategy & head of consumer banking and digital Singapore.
"Guided by our belief in providing one advisory with access to seven insurers, CIMB Singapore offers customers with balanced, needs-based guidance through a single touchpoint, helping them make more informed choices with greater confidence,” she adds.
According to Tsai, InsureXpo® reflects CIMB’s purpose of advancing customers and society by empowering individuals with clarity, confidence, and choice in their financial planning journey.
"Now in its third year, the event underscores our continued commitment to helping customers safeguard their financial futures, while reinforcing our role as a trusted partner in building long-term financial resilience for the community,” she says.
