A survey conducted by AIA shows that:
- 55% worried for their family’s ability to save for enough for a comfortable retirement.
- Singapore‟s middle class desires a retirement savings of US$898,330.
- 70% of the middle class believe that children should be responsible for financially supporting their parents in their old age.
Source: AIA Survey in Six ASEAN Markets Finds Middle Class Place Health and Quality of Life Ahead of Wealth
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But from observation of typical Sinkies, their worrying only in talking & thinking, not translated to concrete actions.
Those poor-ish or with poor mentality tend to invest their life savings into their children, with the belief that children should take care of parents financially, when parents no longer able to work.
Anthropologically speaking this mindset is typical of Asians becoz for most of history, Asians tend to be low-income, poverty-stricken, agricultural-base. Even in developed Asian entities like Japan, SG, HK, South Korea, it was only in the last 30 yrs that more people “qualified” to be called middle-income.
In the less developed, rural areas of Europe, those ang mohs also have similar attitudes & mindsets.