Story Print Friendly

Jan 9, 2009

Baby boomers want work

Social bonds, good health and financial security top the wishlist in first-ever survey of baby boomers.

By Theresa Tan , Jane Ng

ABOUT half of some 3,000 baby boomers here surveyed want to or have to work for as long as they can, according to the first study on these 45 to 62-year-old attitudes towards ageing and retirement.

Only one in 10 persons surveyed expect to retire before they reach 60. For those who want to retire, many of them hope to do so between the ages of 60 and 64.

The survey, commissioned by the Ministry of Community Development, Youth and Sports (MCYS), comes as Singapore's population is rapidly ageing and little is known about this group's aspirations and expectations.

Other interesting findings, which were released on Friday, include:

A third of those surveyed intend to move out of their current house and most of them plan to move in with their children.

Nine in 10 expect their standard of living after retirement to remain unchanged or even improve.

85 per cent expect to be financially secure as they age.

More women expect their children to support them financially in their old age than men. However, more men expect their children to care for them physically, compared to women.

Currently, about one in three Singaporeans and permanent residents is a baby-boomer. The majority of these baby-boomers are married.

Those with secondary and upper secondary qualifications - and not the graduates as often presumed - are most likely to be single. Seven in 10 of the baby-boomers in general are working when they were surveyed.

The study said Singapore's baby boomers - those born between 1947 and 1964 - want to age meaningfully and stay active in their golden years.

They see themselves spending more time with their families, pursuing their passions, staying socially active and fit after they retire.

The survey findings, released by MCYS on Friday, show that the Singapore baby boomers are more affluent, better educated than their predecessors, view ageing positively.

Over one third, or 36 per cent, would like to work part time after retirement. But they would like a flexible job with at the same pay and shorter work hours, said the survey.

University-educated baby boomers said they would like to work in 'a stimulating workplace and the chance to guide or mentor younger workers,' listing this as more important attributes than income continuity and work hours.

'The Government recognises that these baby boomers can continue to contribute to the economy and the re-employment legislation, which will be in place by 2012, will help employers continue to hire these valuable older employees,' said MCYS in a statement.

'It also wants to encourage retraining of older workers to help them remain employable for as long as possible.'

Commenting on the findings, Minister for Community Development, Youth and Sport, Dr Vivian Balakrishnan said: 'This survey indeed confirms what we had widely believed about baby boomers in general - that they hold different life perspectives from their predecessors.

'They are more empowered - in that they are better educated and have more spending power. We can expect them to demand better products and services, and aim for better jobs and a better lifestyle overall.'

An exihibition, The 50 Plus Singapore Expo, which is specifically designed to cater to the needs of baby boomers, will be held on Saturday and Sunday.

It will feature a range of leisure, travel and learning options to choose from. There will also be exhibits and fun activities that are designed for the entire family.

The event is organised by the Council for Third Age, and supported by MCYS.

$breakCalendarHTML