According to a survey of 3,000 Singaporeans and permanent residents aged 18 to 65, more than four in 10 people said they may never be able to achieve financial freedom. In this year's Singlife Financial Freedom Index, respondents believed they need around $612,000 to be financially free -- 8% more than last year's figure -- and it would take them 30 years to accumulate that amount. Meanwhile, four in five surveyed said they aim to retire by 65, with most saying they need more than $2,800 a month to live comfortably. Dr Aurobindo Ghosh, director of the SMU Financial Literacy, Inclusion and Technology Programme, discussed the findings.
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