Survey Highlights Financial Disparities Among Singapore’s Elderly Population

A recent survey by Mediacorp channels has raised important questions about the financial well-being of elderly Singaporeans. While over 90% of seniors reported being able to meet their basic living expenses, the findings reveal a more complex picture when it comes to their overall living conditions.

The survey, which involved more than 1,000 elderly participants, showed that most seniors could afford essentials like food, shelter, and healthcare. However, a deeper look into their living situations highlighted significant disparities. While about 25% of seniors considered their living conditions “very good,” the majority—over half—described their living environments as “average” or “poor.” This points to a growing gap in the quality of life among the elderly, despite the general ability to cover basic expenses.

Experts believe that innovative solutions are necessary to address the financial inequality among seniors and improve their overall quality of life. One key finding from the study is the link between economic well-being and social happiness. Research by the Singapore Management University’s Centre for Research on Successful Ageing (ROSA) found that seniors with better financial resources report higher levels of social happiness. Those living in private homes, in particular, expressed more satisfaction compared to those in one- to three-room HDB flats.

Associate Professor Kalyani from the Singapore University of Social Sciences pointed out that those in the bottom 20% economically are more likely to face challenges, such as cutting back on essential medical care to save money. This group, often with lower educational levels and limited family support, faces an uphill battle in maintaining a comfortable lifestyle in their later years.

The survey emphasizes the need for targeted initiatives to help low-income seniors, ensuring that all elderly Singaporeans can enjoy a dignified and fulfilling retirement.