Caring for Family Today Is Delaying Singapore Adults’ Long-Term Financial and Health Independence

SINGAPORE - Family financial obligations and caregiving responsibilities are affecting many Singapore adults' ability to achieve independence in later life. Despite a strong desire to remain self-sufficient when they age, these commitments are making it harder for many - especially younger generations - to plan for their own long-term wellbeing. This is compounded by the gap between intention and action where they are not taking the steps needed for their financial and health needs in old age.

The Manulife Asia Care Survey 2026 unveiled these findings as Singaporeans are living longer than ever. The survey interviewed 1,074 respondents in Singapore.

Family responsibilities affecting long-term financial planning

Singapore life expectancy climbed to 83.9 years in 2025, one of the highest in the world. As lifespans increase, those caring for families are expected to provide more years of support while planning for their own later years. This is faced by nearly half (46%) of Singapore adults who reported having family financial responsibilities, with 62% saying that these commitments impact their ability to achieve long-term financial readiness.

The challenge is especially acute among younger generations. The proportion rises to 81% among those aged 18 to 24 and 75% among those aged 25 to 34, higher than the regional average of 76% and 69% for the respective age groups. Respondents under 35 also dedicate an average of 40% of their monthly income to supporting family members, underscoring the financial compromise many are making while preparing for their own future needs.

These pressures can also affect personal wellbeing, with 73% of respondents aged 18 to 24 reporting that they have delayed seeking medical care due to caregiving responsibilities. This is considerably higher than the regional average for the same age group at 65% and local average of 51% across age groups, pointing to how caregiving demands are affecting younger people's ability to prioritise their own health.

Not becoming a burden in later life a key priority

Despite these commitments, Singapore adults are clear about what they want in their older years. An overwhelming majority (92%) said their goal is to remain self-sufficient for as long as possible without relying on others. Beyond financial security, this means having privacy and dignity (46%), the autonomy to make their own decisions without family pressure (44%), and having the freedom to travel and access to quality care (42%).

This desire is deeply intertwined with the wish to reduce the emotional, physical and financial strain on their families. In fact, 61% of respondents define "freedom in a long life" as not being a burden to others, highlighting how closely personal wellbeing and family responsibility are linked in Singapore adults' views of ageing.

"Our Asia Care Survey shows the responsibilities Singapore adults are already carrying. Many are supporting families, building their own lives, and thinking about their future at the same time. This comes with real trade-offs, and it is unsurprising that many feel that their long-term planning is delayed or out of reach. Our role is to support customers in taking small, confident steps forward, so they can care for their families without feeling that they are falling behind in their own planning," said Benoit Meslet, Chief Executive Officer of Manulife Singapore.

Awareness is high, but action on health and wellbeing lags

To enjoy one's older years, many recognise the need for sustained and deliberate planning. Yet, there remains a significant gap between their aspirations for later life and the actions needed to achieve them.

The majority (89%) of respondents agree that the longer they expect to live, the earlier and more comprehensive their preparation needs to be, spanning financial, physical and mental wellbeing in older age. Nearly nine in ten Singapore adults also acknowledge the importance of proactive health management - 87% agree that regular medical check-ups are vital for maintaining quality of life and independence, while 88% also believe that preventive care can reduce the likelihood of chronic disease.

However, only half (50%) undergo a comprehensive health screening at least once a year, with 11% admitting they have never had one at all. Less than 40% of respondents also maintain a consistent exercise routine and follow a balanced diet as part of their self-care efforts, lower than the regional average.

"While many recognise the importance of preventive health, taking action is often difficult because of day-to-day commitments. The reality is, it's not always easy to prioritise regular check-ups or healthy routines alongside everything else. As a partner to our customers' wellbeing, our focus is to simplify these choices through health partnerships that help our customers take consistent steps when it comes to living well," said Michelle Fang, Chief Marketing Officer of Manulife Singapore.

Financial worries with longer lives

These preparation gaps are not limited to health, but also reflected in how Singapore adults are planning financially for later life. With longer lifespans, more than three in four (78%) worry that there is an increased risk of running out of money before running out of time. 70% are also concerned about their ability to afford future care needs, higher than the regional average of 66%. When asked about the barriers that could affect their ability to remain independent in later life, insufficient savings and investments (55%) and the lack of a stable income stream (42%) came in among the top.

Despite such sentiments, 78% of respondents still rely on their personal savings to fund their retirement and care needs. Among those taking steps to strengthen their financial wellbeing, more are adopting diversified strategies - 43% are planning to invest across different asset classes, while one in three (34%) are shifting towards income-generating investments to support longer-term needs. This reflects a growing emphasis on building steady income streams to cover living expenses over an extended retirement.

Hui-Jian Koh, Chief Executive Officer of Manulife Investments Singapore said," These concerns are clearly translating into how people approach their financial planning in Singapore. While many remain heavily reliant on personal savings, this alone may not be sufficient to support longer lifespans and rising care needs, particularly as savings do not provide a steady income stream over time. Encouragingly, we are seeing a gradual shift, with more individuals diversifying their investments and turning to income-generating strategies to build more stable and sustainable sources of income for retirement, supporting long-term financial independence."

The insights uncovered in this year's Asia Care Survey align with the Manulife Longevity Institute, a global research, thought leadership, innovation, advocacy, and community investment platform that focuses on helping people thrive at every age. Learn more about Manulife's Longevity research and insights at: manulife.com/longevity.

For more information on the Manulife Asia Care Survey 2026, visit: https://www.manulife.com.sg/en/campaign/asia-care-survey-2026.

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