One-third of elderly worry about rising cost of living, Concerned about being unable to afford necessities or living expenses

According to a study by the SMU Centre for Research on Successful Ageing (ROSA), the number of older adults in Singapore who expect their financial situation to worsen increased in 2022,. Based on the study, almost half (45%) of individuals aged 57 to 76 felt that they would be forced to lower their standard of living. SMU Dean of Students; Director of Centre for Research on Successful Ageing and Professor of Sociology (Practice) Paulin Straughan said, "These results warrant closer attention given that economic expectations are an important predictor of well-being. With these findings, we are kept abreast of how rapid inflation and rising costs are shaping the economic concerns and consumption decisions of older Singaporeans." ROSA recommended three policies to help older adults who are weary of their financial situations.

Lianhe Zaobao