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Why many young Singaporeans expect million-dollar inheritance from their parents
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Many young people hope to get $1 million or more from their parents’ inheritance so they have less to worry about their own savings and retirement planning.
ST ILLUSTRATION: CEL GULAPA
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- Over 10 per cent of about 1,000 Singaporeans in a recent poll hope to get $1 million or more from their inheritance, with young adults showing higher dependence.
- Disputes over property ownership are common after the parents die without clear instructions, especially with joint ownership arrangements.
- Parents should prioritise their retirement planning and involve heirs in financial discussions to instil responsibility and prevent future conflicts.
AI generated
SINGAPORE - The prudence of older Singaporeans in accumulating wealth has apparently caused many of their children to feel entitled to a share, with some of them viewing inheritance as a windfall, much like winning a big lottery prize.
A recent survey on the state of wealth transfer here shows that of about 1,000 people polled, over 10 per cent of them actually hope to inherit $1 million or more from their parents so they have less to worry about their own savings and retirement planning.
