SINGAPORE — Three in four women of working age in Singapore are worried about not having enough money to cover their medical or care expenses after they retire, according to a new study by financial institution HSBC.

The figure (74 per cent) is higher than the global average of 60 per cent of women polled in the study, which covered 17,405 men and women – mainly online – from 16 countries and territories over November and December last year.

The Future of Retirement: Bridging the Gap report, which was released on Monday (Dec 3), garnered responses from 1,018 people in Singapore. More than half were women but HSBC did not provide an exact number.

While Singaporean women have greater income potential than ever before, “many still worry about their retirement or feel they lack the knowledge to adequately manage their own finances”, said Mr Carlos Vazquez, chief executive of HSBC Insurance (Singapore).

The report stated that 41 per cent of Singapore’s working-age women above the age of 21 either do not know how much they are putting aside for retirement, or have not started making any contributions at all. In contrast, only 31 per cent of their male counterparts felt the same way.

Moreover, not only did 34 per cent of the female respondents feel like they were saving more than their partners, only one in five felt that they had a better grasp of financial knowledge.

The biggest fear, according to seven out of 10 female respondents, is not being able to afford their own medical care after they retire.

Sixty per cent of the female respondents also said they were worried they would struggle to pay for food and other basic necessities during their retirement.

Mr Deepak Khanna, head of wealth development at HSBC, said that with better healthcare and longer life expectancy, retirement planning will need to consist of “over 30 years of living and medical expenses”.

“We need to recognise that our needs at 65 can be very different from our needs at 75 or 85, with very different financial implications,” he said.

SACRIFICING PERSONAL SAVINGS FOR THE FAMILY

The report revealed that women leaving the workforce temporarily to look after their children has led to more than one in five working-age women contributing less to their retirement than their partners.

According to the report, 37 per cent of working-age mothers have taken parental leave to look after their children, compared to 24 per cent of the fathers.

Furthermore, one in four mothers said they chose to stop work completely to look after the family, compared to just 6 per cent of the fathers.

LIFE AFTER RETIREMENT

While the study found that women were generally more concerned about their finances during retirement, it also found that they were upbeat about other areas of their life during this period.

For instance, few of those interviewed expressed concern about life without their partners. Only 42 per cent of retired women said their life would not be worth living without their partner, compared to 48 per cent of men.

The women interviewed are also positive about their relationships with their children during retirement, with fewer (37 per cent) saying they were worried their children would view visiting them as a chore compared to their male counterparts (44 per cent).

The report also suggests that women are generally not resentful that they sacrificed their personal savings to look after their family – 62 per cent disagreed with the statement that they would have less money for retirement due to having children.

In contrast, only 57 per cent of men disagreed with it.

The report, however, cautions against parents having expectations that their children will support them financially in their retirement.

It states that while 54 per cent of the respondents expect their children to support them in their retirement, evidence from current retirees shows that only 36 per cent of them receive any financial assistance.