Singapore residents raise financial independence bar to over $1m

Majority now target more than $1m, with Gen Z pushing retirement expectations earlier.

Financial independence expectations amongst Singapore residents are shifting higher, with more targeting over $1m in accumulated wealth and earlier retirement timelines, according to a joint study by CIMB Singapore and Nanyang Technological University (NTU).

The findings are based on the Attitudes and Beliefs towards Financial Independence Report, which surveyed more than 1,000 residents aged 18 to 60.

The study found that 56.3% of respondents now aspire to accumulate more than $1m, up from 52.3% in 2025. A further 35.8% said $1m to $2.5m as the benchmark for financial independence.

Retirement expectations have also shifted earlier, with financial independence now increasingly targeted in the 40s, compared with the 50s previously.

Some Gen Z respondents even reported targets in their 30s or earlier.

Whilst 78% of respondents said financial independence is achievable, confidence levels were mixed, with most describing themselves as moderately confident and 34.6% reporting frequent or constant anxiety about their financial future.

Key barriers cited include high living costs at 70.7%, low income at 54.0%, and family responsibilities at 53.4%.

Market volatility at 32.8% and limited financial literacy at 28.2% were also identified.

Fewer than half of respondents at 46.4% have started retirement planning, with delays attributed to competing priorities, uncertainty over how to begin, and perceptions that it is too early.

CIMB Singapore said respondents who engage financial planners report lower anxiety and higher confidence in achieving financial independence compared with those who do not.

The study also found generational differences in financial priorities, with Gen Z prioritising autonomy over spending, Millennials focusing on wealth accumulation, and Gen X emphasising debt reduction.

CIMB Singapore added that 52.6% of respondents now view insurance as an enabler of financial independence, up from 45.0% last year.

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CIMB Group

Nanyang Technological University

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