The second survey for expats by the leading long-term savings and investment company suggests that expats residing in Singapore “live like kings”, with 90% choosing to prioritise their current lifestyle choices over saving for retirement and their children’s education.
Meanwhile 47% of expats were said to feel nervous about their retirement financial situation, and nearly half of respondents set aside 10% of their monthly income on long-term savings.
Standard Life said despite a palpable anxiety amongst expats, the year-on-year decline in the number of expatriates making an effort to save regularly indicates that this has not translated into direct action.
The survey also said the climbing cost of living in the city was outpacing expat growth, with 50% of people saying their salary did not match the cost of living.
“Interesting dichotomy”
Neal Armstrong, chief executive and principal officer for Standard Life in Hong Kong & Singapore, said the results revealed an “interesting dichotomy” for expat savers in Singapore.
He said: “The increase in earning power and disposable income coupled with greater saving potential have unexpectedly been offset by rising costs of living.
“From our point of view, although easily overlooked, this makes smart financial planning even more important, particularly when those living for today are anxious for what tomorrow might have in store.”
