SINGAPORE: A CIMB Singapore survey reveals that approximately two-thirds of residents aged 26 to 60 aspire to be financially independent by ages 40 to 60, with over half believing they need S$1 million for this goal. Despite acknowledging financial independence as achievable, respondents cited high living costs, family responsibilities, and low income as barriers, while 40% reported anxiety about their financial future. Additionally, younger participants showed more confidence in managing finances, yet only half of those with financial plans had started retirement planning, often due to prioritizing other obligations.
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