With rising life expectancy and a low fertility rate, Singapore has one of the fastest ageing populations in the world. On top of that, in March 2015, Singapore was ranked the most expensive city in the world, beating candidates such as Paris, Oslo and Zurich.
These facts beckon the question: are we financially ready for our retirement?
Since August 2015, the Singapore Management University (SMU) Centre for Research on the Economics of Ageing (CREA) has been conducting a long-term study of Singapore’s ageing trends, with data collected from the Singapore Life Panel® (SLP).
The SLP plays a key role in the research at CREA. The monthly surveys that the participants complete help the Centre understand ageing trends in Singapore.
The following are highlights of what makes the panel so important:
With about 11,000 households selected to form a representative sample of the Singapore population, the SLP is the most valid and representative survey of its kind. The study will assess how health, housing and pension issues affect normal, everyday Singaporeans, now and in the future.
Instead of conducting surveys at two-year intervals — the standard for this kind of study — the survey is done on a monthly basis. This means a higher accuracy of reporting that enables researchers to observe how Singaporeans respond to changes in their circumstances and in turn, analyse the effects of policy changes.
The online mode allows different aspects of ageing to be introduced easily as new questions emerge from the study.