Two out of five Singaporeans financially unprepared for future health issues, says survey

But 67% are most concerned about their health.

While the majority of Singaporeans are mostly concerned about their health, a large chunk of the citizens of the city-state are still not financially secured for unforeseen issues they may face in the future.

According to a report by HSBC, the costs of healthcare treatment, medication and rehabilitation are a major concern for 78% of the Singaporeans surveyed (higher compared to the global average of 57%).

However, the report noted that two in five (40%) people say they could not manage well or at all financially or did not have anything specific in place if something unforeseen were to happen.

“While many Singaporeans are trying to do the right thing by planning and saving for the future, they still have nagging concerns as to whether they’ve done enough,” Ian Martin, CEO of HSBC Insurance Singapore said.

Meanwhile, the survey added that 65% say ageing is a big health-related concern which covers long-term care and own and partner’s quality of life.