my my...depressing!

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Business Times - 05 Oct 2007

Singaporeans are a gloomy lot: survey
The country ranked the lowest among 8 others in terms of optimism and life satisfaction
By GENEVIEVE CUA

WE ARE a gloomy lot here, according to a survey by AXA Life. It found that Singaporeans rank the lowest among eight countries in terms of 'life satisfaction' and optimism about the future, despite strong economic growth.

The most optimistic and satisfied were the respondents in India and the Philippines, AXA Life has found in a new Life Outlook Index (LOI) survey conducted this August.

Using statistical modelling, the index seeks to measure respondents' satisfaction and confidence in four areas - career, family, health and retirement. The survey polled a total of 2,400 respondents in eight countries - Singapore, China, Hong Kong, India, Indonesia, Philippines and Thailand. In Singapore, 300 people participated in an online poll. In other countries the survey was conducted face to face.

AXA chief marketing and strategy officer Annette King said the respondents were the 'mass affluent' who satisfied country-specific minimum income requirements. In Singapore, 70 per cent had a monthly personal income of $2,500 to $3,999, and 31 per cent had a monthly household income of at least $7,000.

Singapore's low LOI score of 59.2 - against 71.6 for the region - was affected by a lack of confidence over career and retirement issues. India's score was 87.2 and the Philippines' 85.
Singapore respondents were, however, among the most prepared for retirement, with 59 per cent having planned seriously or intending to start planning.

Singaporeans were worried about job security and prospects, and this led to concern about retirement. 'We don't think this reflects poorly on Singapore. Their lack of optimism about their career and retirement prospects indicates that they have a realistic view about future job security and opportunities to use their skills,' said Ms King.

I think the biggest obstacle is the fact that (Singaporeans) don't think about the issues seriously enough or early enough, and rely on information from the news or their friends. But at the end of the day they are not actively planning or seeking financial advice.'
Singapore's LOI score also indicates that many are not willing to sacrifice their current living standards for an earlier retirement. That is, they prefer to work until retirement age so they can maintain their lifestyles.

Singaporeans want to retire at an average age of 57, but say they will only be able to retire at about 62.

In contrast, the most optimistic countries like China, India and the Philippines are the least prepared for the future.

Singaporeans are not confident about being able to provide adequately for their children's needs and education. They perceive the costs of living and education to be rising too rapidly.
They were also extremely concerned that medical costs are rising faster than their savings. Three quarters have medical insurance, but they feel their coverage is inadequate.