Building for what matters most: Retirement, protection and trust

In a future defined by unpredictability, choice and long lifespan, the financial services provider that succeeds may not be the biggest or oldest but the one that's bold, fast and simple

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The Singapore we know today is fast changing and the future looks to be even more different. Family sizes are shrinking, lifespans are increasing, and living and healthcare costs are soaring. The topic of Singapore's "super aged" society has been talked about at length across many platforms.

By 2030, one-in-four of our population will be aged 65 and above, and critical gaps have emerged in seniors' retirement income, healthcare and long-term care needs.

Take a typical Singaporean family for example: The Tans are working parents in their 40s, raising school-age kids while caring for an elderly parent with long-term care needs. They are juggling tuition, mortgage, rising healthcare bills and facing tough questions about whether they have adequate savings for long-term care needs and retirement. They are not alone. This is the story of everyday Singaporeans.

Pearlyn Phau, group chief executive officer, Singlife cautions, “If we do not rethink how we prepare for retirement, healthcare and ageing today, we can imagine the pressure and strain this brings us, for our children and in time, our caregivers.”

She adds: "On top of this, modern economic cycles in recent years have become shorter, a lot more volatile, and harder to navigate. The post-Covid world continues to be defined by constant change from global trade disputes, digital disruption to shifting life goals. No one really has a job for life. The way we protect, grow and manage our wealth cannot stay the same."

These frequent and less predictable disruptions are extremely challenging to long-term planning.

"We believe the future of insurance lies in closing the real urgent gaps Singaporeans face: the retirement gap, the protection gap and the long-term care gap. We are always thinking of a better way to empower people with the clarity and ability to plan confidently at every stage of life and what this means for everyone," says Phau.