Singlife and Singapore Management University (SMU) are partnering to research retirement readiness, aiming to address the financial challenges of Singapore’s rapidly ageing population.
The two organisations signed a MoU during the launch of the SMU Longevity Societies and Economies Institute (LSEI).
This collaboration will combine Singlife’s industry data with the academic frameworks of the LSEI to identify specific gaps in retirement adequacy.
According to the Singlife Financial Freedom Index 2024, 71% of Singaporean consumers lack confidence in their ability to retire at will.
While most respondents aim to retire by 65, they expect to need a median of S$2,856 per month, significantly higher than the median monthly savings of S$1,682 reported in the study.
“Through our partnership with SMU, we aim to combine customer insights with academic rigour to better understand evolving retirement needs and translate these into practical solutions.
Together, we hope to support Singaporeans in planning for longevity with greater confidence, security and purpose,”
said Debra Soon, Group Head of Brand, Communications, Marketing and Experience, Singlife.
The partnership will focus on understanding the savings required to withstand healthcare inflation and evolving financial needs.
These findings will be published in a joint white paper scheduled for release in the second half of 2027.
Beyond research, the collaboration includes a talent development component.
Singlife and the SMU School of Economics will explore scholarships, internships, and training programmes for students in actuarial science.
“The insights from LSEI must shape the perspectives of our next generation of actuarial talent. Singlife’s support in scholarships, internships and training opportunities will ensure that we build these new capabilities in Singapore.
Together, our efforts will deliver impact by translating insights into practical solutions that can enhance financial security and confidence in retirement – in Singapore and across Asia,”
said Dr. Cheong Wei Yang, Interim Co-Director, SMU LSEI; Vice Provost (Strategic Research Partnerships), SMU.
Featured image: Edited by Fintech News Singapore, based on image by Pixelid via Freepik