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SINGAPORE: Ninety-one per cent of Singaporeans do not feel well prepared for retirement compared to the global average of 87 per cent, according to an annual report by Oxford University's Institute of Ageing on Wednesday.
The Oxford Institute of Ageing is known for its gerontological research and training programmes.
Singapore, like most countries in the world, is facing an ageing population. In fact, the number of dependent adults is expected to surpass the number of dependent children for the first time next year.
The Oxford report suggested that the low level of preparedness is linked to a lack of access to financial advice. Although Singapore has a wide range of retirement products available, more could be done to educate families to plan for the long term.
The team responsible for the report conducted a workshop in Singapore to help stakeholders from the private and public sectors, non-government organisations and academics plan for an ageing society.
Participants were asked to suggest policy solutions for a variety of situations.
At the end of the three-day programme on Wednesday, researchers felt that Singapore is well-equipped to deal with an ageing population because there is a high level of awareness of the issues. One of the key solutions for Singapore is to keep older workers employed.
Dr George Leeson, deputy director, Oxford Institute of Ageing, said: "Governments need to help employers, employers need to help employees, and trade unions need to play a role. I know that in Singapore there are moves for re-employment legislation in 2012.
"What I think employers have to remember is that they are the people they have to keep in the workplace because there is going to be a demand for the skills they have."
Individuals are also encouraged to take responsibility for their own retirement by planning early, especially for financial security.
- CNA/so
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