The moderate lifestyle requiring about S$3,200 a month would include:Affording medical consultation and treatment at general practitioners and government hospitalsThe luxurious lifestyle requires almost S$6,000 a month in expenses and would include:Affording private healthcare, a full-time domestic worker, lifestyle and wellness experiencesA total of 34 per cent of people in their 20s and 28 per cent of those in their 30s chose the most luxurious lifestyle.
Mr Chin Mun Hong, head of market insights at OCBC, said at a media briefing on Tuesday that the young respondents’ expectations to"retire in style" may explain why 62 per cent of those in their 20s are worried that they cannot afford retirement. Results from the survey showed that four in 10 Singaporeans across all age groups face mortgage stress, the highest level since 2019 when the survey was first done before the Covid-19 pandemic.
“Youths in their 20s who invested in crypto and made losses have lost about 40 per cent of their principal amount. Mr Aaron Chwee, head of wealth advisory at OCBC, said at the media briefing that young people tend to think of investing in high-risk portfolios as a way of earning “easy money”. Mr Chwee added that a possible reason why young people seek high returns as soon as possible is because they plan to retire early.
Who doesn’t want to retire early and in style ?