Saving for retirement a key financial goal among Asians: Poll

Saving for their golden years is a top financial goal among Asians, according to a survey out yesterday.

It found that 50 per cent of those polled believe setting aside funds for retirement was their main priority, while family travels came in next, with 47 per cent choosing it.

However, about 46 per cent of those quizzed in the poll - conducted across Cambodia, China, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam - are not confident about saving enough to support themselves until the age of 80.

Most of those surveyed bear the responsibility of financially supporting their loved ones. About 53 per cent cover their parents' daily expenses, but only about a third expect their children to support them financially in their old age.

In Singapore, only 24 per cent expect their children to do so, according to the poll, which forms the basis for the annual Prudential Relationship Index (PRI).

And 83 per cent of those polled expect to tap their own personal savings and assets in their old age.

The PRI has an overall average score of 71 out of 100 for this year, up one point from last year, indicating that relationships in Asia meet 71 per cent of people's needs and expectations.

People in Cambodia are the most satisfied with their personal relationships, with a PRI score of 86, followed by Vietnam and the Philippines with 79. Singapore was eighth with a score of 64.

The survey also showed money was the most common cause of arguments, but couples who pool their finances have a better relationship than those who do not.

About 80 per cent said technology has made financial planning simpler and better.

But the findings also showed that time spent on digital devices is the fourth-leading cause of arguments for couples.

Mr Anthony Shaw, chief customer and marketing officer (insurance) at Prudential Corporation Asia, said: "The level of relationship satisfaction remains at a high level this year across Asia.

"Money continues to be the leading source of tension for couples and the findings reveal that greater transparency regarding financial affairs benefits relationships.

"Whilst the advancement of technology has made financial planning easier, attentiveness to their partner is the major source of arguments for one-third of couples in the region."

A version of this article appeared in the print edition of The Straits Times on December 12, 2017, with the headline 'Saving for retirement a key financial goal among Asians: Poll'. Print Edition | Subscribe