Growing old is one of the biggest worries among 8 in every 10 Singaporeans: Survey

The survey shows financial worries of running out of savings are the next in the list.

Growing old is one of the biggest worries among 8 in 10 Singaporeans : Survey
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Eight out of 10 Singaporeans are worried about growing old, according to a recent survey commissioned by insurance cooperative NTUC Income and philanthropic organisation Lien Foundation.

A survey which was released on Tuesday showed that Singaporeans are mostly worried whether they can look after themselves when they are old. Following this comes the financial worries of running out of savings.

The survey was done based on interviews of almost 1,000 Singaporeans aged 30 to 75.

The survey also discovered that nearly the same ratio of people prefer to grow old in their houses. This is quite consistent with the governments which encourages Singaporeans to "age in place" or spend their twilight years in their houses.

In those interviews it was revealed that half of the respondents were willing to stay at a nursing homes, but when it was about sending a loved one there only two in five were willing to do so.

The joint survey found that that nine out of 10 people, who were willing to stay in seniors' homes, prefer single or two bedded-rooms, but currently those are not qualified for government subsidies.

"Aged care facility providers can take heed of the varying preferences shown by the different age groups," Gabriel Lim, the Lien Foundation programme manager told The Straits Times.

In conjunction with the survey findings, NTUC Income also launched a new insurance plan on Tuesday. The new plan covers senior diseases like Parkinson's disease, dementia and Alzheimer's diseases. It covers policyholders until age 100.