Young Singaporeans' Financial Goals Delayed by Heavy Family Support Burden

Young adults in Singapore are allocating approximately two-fifths of their monthly income to family responsibilities, a financial burden that is delaying their long-term financial independence at a higher rate than their regional peers, according to a new study.

The Manulife Asia Care Survey 2026 revealed that 81% of Singaporeans aged 18 to 24 feel family financial duties are preventing them from achieving financial readiness, compared to the Asian average of 75%. For the 25-to-34 age bracket, the figure is 75% in Singapore versus 69% across Asia.

"Many are supporting families, building their own lives and thinking about their future at the same time," said Benoit Meslet, CEO of Manulife Singapore. "This comes with real trade-offs, and it is unsurprising that many feel that their long-term planning is delayed or out of reach."

The survey found a strong desire for self-reliance, with 92% of Singaporean respondents aiming to remain financially self-sufficient without depending on others. For many, this goal extends beyond finances: 46% define self-sufficiency as having privacy and dignity, while 44% associate it with the freedom to make decisions without family pressure. A significant portion, 61%, defined "freedom in a long life" as not becoming a financial or physical burden to their loved ones.

These pressures are also impacting personal health. The survey showed 73% of Singaporeans aged 18 to 24 have delayed seeking medical care for themselves due to caregiving responsibilities, a rate notably higher than the regional average of 65%. This trend poses long-term risks, particularly as Singapore's life expectancy reached 83.9 years in 2025, among the highest globally.

With longer lifespans, 78% of adults surveyed expressed concern about outliving their savings, and 70% worried about affording future care needs, compared to a regional average of 66%. Despite these anxieties, 78% of respondents still rely primarily on personal savings for retirement, though some are starting to adopt more diversified investment strategies to close the preparedness gap.

The annual Manulife survey polled 1,074 people in Singapore between February and March this year as part of a wider study encompassing over 9,000 adults across nine Asian markets.