Document sans titre
Social bonds, good
health and financial security top the wishlist in first-ever survey of baby
boomers.
1. Singapore’s baby
boomers envision their golden years as a period to spend more time with their
families, pursue their passions, socialise and take care of their health. This
is according to a survey with baby boomers commissioned by the Ministry of Community
Development, Youth and Sports (MCYS).
2. The findings indicate
the Singapore baby boomers, defined as those born between 1947 and 1964 (aged
between 44 to 61 today), being more affluent, better educated than their predecessors,
view ageing positively. A majority of them, 85%, expect to be financially secure
as they age. Continued Employment
3. Many respondents also
believed in the value and need to work, an attitude which would have been reinforced
by today's economic environment. The survey, which covered 3,000 respondents
between age 43 - 60, showed that more than 7 in 10 baby boomers were in the
workforce or looking for work at the time of the study. Of these economically
active individuals, almost half wished to or expected to have to work as long
as they could. Even among those who specified an age at which to retire from
work, about 3 in 10 expected to do so at age 65 or older, beyond the current
retirement age of 62.
4. 36% of baby boomers
desired to work part time. The top three conditions that these baby boomers
look for in post-retirement work were flexible work, similar income, and fewer
hours of work. University-educated baby boomers indicated that a stimulating
workplace and the chance to guide or mentor younger workers were more important
attributes than income continuity and work hours.
5. The Government recognizes
that these baby boomers can continue to contribute to the economy and the re-employment
legislation, which will be in place by 2012, will help employers continue to
hire these valuable older employees. It also wants to encourage retraining of
older workers to help them remain employable for as long as possible.
A Growing Silver
Market
6. Respondents to the survey
also revealed that they were willing to pay for silver products and services,
in particular seniors-centric travel packages (34%) and leisure activities (41%).
Further education and learning opportunities (23%) and financial services (21%)
were also top on their list. The survey uncovered the need to raise awareness
of high-tech and assistive devices and products such as robots, telemedicine,
smart homes and home help and home nursing.
7. On the findings, Minister
for Community Development, Youth and Sport, Dr Vivian Balakrishnan said, “This
survey indeed confirms what we had widely believed about baby boomers in general
– that they hold different life perspectives from their predecessors.
They are more empowered -- in that they are bettereducated and have more spending
power. We can expect them to demand better products and services, and aim for
better jobs and a better lifestyle overall.”
8. The 50 Plus Singapore
Expo, to be held on 10-11 Jan 2009, has been specifically designed to cater
to the needs of baby boomers. The Expo will feature a range of leisure, travel
and learning options to choose from. There will also be exhibits and fun activities
that are designed for the entire family. The 50 Plus Singapore Expo is organized
by the Council for Third Age, and supported by MCYS.
9. The Baby Boomers survey
is the first to be conducted in Singapore. The full report is attached in the
annex.
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More info, download the report
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