SINGAPORE: Singaporeans are setting their sights on larger monetary objectives and hoping to attain them at a youthful age, in response to a brand new joint examine by CIMB Singapore and Nanyang Technological College (NTU).
The second version of the Attitudes and Beliefs in direction of Monetary Independence Report discovered that greater than half of respondents now aspire to build up at the least $1 million earlier than contemplating themselves financially impartial. The determine rose to 56.3 per cent this yr, up from 52.3 per cent in 2025.
Amongst them, 35.8 per cent recognized between $1 million and $2.5 million as the best vary for reaching monetary independence.
The examine additionally discovered that expectations round when folks hope to retire or turn into financially free are shifting earlier. Whereas retirement in a single’s 50s had been the widespread benchmark a yr in the past, respondents now more and more see their 40s because the goal. Gen Z respondents had been much more bold, with some envisioning monetary freedom of their 20s or 30s.
The findings had been unveiled on Could 23 through the third version of InsureXpo® 2026, which adopted a “Cash Health club” idea geared toward selling monetary health and resilience. Greater than 1,000 Singapore residents aged between 18 and 60 took half within the survey.
The occasion introduced collectively insurers together with Singlife, AIA, FWD and Revenue, alongside policymakers, teachers and trade consultants. Interactive stations had been set as much as encourage individuals to strengthen their monetary planning and cash administration expertise.
Regardless of the rising optimism round monetary independence, the report discovered that nervousness about cash stays widespread.
Whereas 78 per cent of respondents mentioned they imagine monetary independence is achievable, confidence ranges had been much more muted. Solely 36 per cent described themselves as “reasonably assured” about reaching their objectives, whereas 34.6 per cent reported feeling frequent or fixed nervousness over their monetary future.
The findings additionally highlighted stark generational variations. Gen Z respondents emerged as probably the most anxious group, with 41.2 per cent reporting frequent monetary worries.
Millennials, in the meantime, had been probably the most assured era, with 51.8 per cent expressing robust confidence in reaching monetary independence. Gen X respondents fell someplace in between, with 38.3 per cent saying they skilled common nervousness and 30.5 per cent reporting robust confidence.
The examine pointed to a rising disconnect between monetary ambition and precise planning, as effectively.
Though many respondents expressed robust aspirations for monetary independence, fewer than half, or 46.4 per cent, had began retirement planning.
Excessive residing prices had been recognized as the largest impediment, cited by 70.7 per cent of respondents. Different generally talked about boundaries included low revenue at 54 per cent and household tasks at 53.4 per cent.
Respondents additionally pointed to issues comparable to market volatility, restricted monetary schooling and way of life pressures, together with spending temptations.
Amongst those that had but to start retirement planning, 42.2 per cent mentioned competing priorities had been delaying them, whereas 34.4 per cent mentioned they had been uncertain the right way to get began. One other 31.9 per cent believed it was nonetheless too early to start planning.
The report discovered that motivations for monetary independence differed throughout generations.
For Gen Z, the strongest motivation was having autonomy and management over revenue and spending, cited by 25.7 per cent of respondents. Millennials had been extra centered on wealth accumulation, whereas Gen X respondents prioritised turning into debt-free.
The examine additionally examined the monetary attitudes of the “sandwich era”, referring to these concurrently caring for each dad and mom and youngsters.
This group demonstrated considerably greater monetary ambitions than different respondents, with 64.4 per cent aiming to build up at the least $1 million, in contrast with 51.7 per cent amongst non-sandwich respondents.
Researchers mentioned this probably mirrored the monetary burden of supporting a number of generations.
The sandwich era additionally appeared extra proactive in monetary planning. Greater than 91 per cent mentioned they already had a monetary independence plan, whereas 60.9 per cent mentioned they had been open to looking for skilled monetary recommendation. Practically two-thirds additionally considered insurance coverage as an funding instrument.
The report steered that entry to monetary recommendation might play a big function in bettering each confidence and peace of thoughts.
Amongst respondents who sought skilled steerage, solely 25.4 per cent reported frequent monetary nervousness, in contrast with 42.2 per cent amongst those that didn’t search recommendation.
Confidence ranges additionally differed sharply. Practically two-thirds, or 65.8 per cent, of those that engaged a monetary planner expressed confidence in reaching monetary independence, in contrast with simply 28.2 per cent amongst these with out skilled steerage.
The identical sample was noticed amongst respondents who had formal monetary plans. Solely 30.8 per cent of planners reported frequent nervousness, in contrast with 51.9 per cent of these and not using a plan. Confidence ranges amongst planners stood at 52.3 per cent, 4 instances greater than the 13 per cent recorded amongst non-planners.
Perceptions of insurance coverage additionally seem like evolving. Greater than half of respondents, or 52.6 per cent, now see insurance coverage as a instrument that may assist monetary independence, up from 45 per cent final yr.
The report concluded that monetary independence is more and more considered not as a single milestone, however as an ongoing course of that requires resilience at completely different levels of life.
It added that monetary establishments might assist shut the hole between ambition and actuality by providing extra built-in assist, linking financial savings, insurance coverage, retirement planning and wealth advisory providers right into a broader monetary journey.
