Cost of living survey: More seniors worry about not being able to afford basic necessities or pay bills

A new study by the SMU Centre for Research on Successful Ageing (ROSA) revealed that nearly 1 in 3 older adults in Singapore felt there was at least a 50 per cent chance that they would be unable to afford basic necessities or have difficulties paying bills. This latest study, “Concerns over the cost of living among older adults in Singapore”, which polled 6,839 Singaporeans aged 57 to 76 in August 2022, showed a marked increase in the number of seniors who expected their financial situation to worsen. Almost half of the respondents surveyed (45 per cent) felt that they would be forced to lower their standard of living, up from 38 per cent who felt the same way in May 2020 during the circuit-breaker.