Singapore millennials seen to have ‘worst retirement prospects of any generation’

SINGAPORE (May 19): After having entered the workforce in a time of subdued economic conditions, Singapore’s millennials now face the responsibility of financially supporting an increasing number of older, non-working generations over the remainder of their working life.

Such a combination makes up the perfect storm for what HSBC calls the “worst retirement prospects of any generation”, according to a news release issued by the bank on Thursday.

HSBC’s latest report for the Future of Retirement series, Shifting sands, finds that only 8% of those surveyed in Singapore think millennials are in the best position to have a comfortable retirement, while 45% see baby boomers as most well-placed.

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