The rising costs of healthcare in Asia and the pressure on personal finances are causing concern amongst many who fear deteriorating health in their later years. The Manulife Asia Care Survey 2023 found that people in Asia expect to retire at 60 on average, with poor health expected to set in at 63, resulting in only three years of good health after retirement. However, Singapore and Indonesia were notable outliers, with Singaporeans expecting poor health at 62, one year before their expected retirement age, and Indonesians expecting good health for five years after retirement at 58. The greatest health challenge identified was meeting the rising costs of extending the health span and managing poor health later in life. This is reflected in the fact that nearly half of the survey respondents (45%) find that the expense of critical illness treatment creates the greatest stress, along with the ramifications of such illnesses on their income and job stability. 92% of respondents would be willing to spend more to prolong their health span, with investments in exercise and a healthier diet being the main ways people seek to improve their health. Additionally, 37% were worried about loss of income or job in the event of a serious illness, leading to a rise in DIY healthcare through mobile apps.
Despite the challenges, respondents were generally confident (70%) of achieving their financial goals, with just 14% not expecting to do so. However, those in Hong Kong (57%) and Singapore (52%) were the least confident compared to other markets such as Mainland China (81%) and Indonesia (88%). Cash savings and bank deposits were cited as the main avenue to achieve personal finance goals (81%), followed by personal insurance (59%). Finally, retirement savings were regarded as a significant personal finance goal, with respondents in Singapore (63%) being particularly enthusiastic about saving for retirement.
