Most now aim for more than $1 million, with Gen Z pushing retirement expectations earlier.
Expectations for financial independence are rising among Singaporeans, with the goal of accumulating wealth and exceeding $1 million before retirement According to a joint study by CIMB Singapore and Nanyang Technological University (NTU), Deadline.
The findings are based on the Attitudes and Confidence in Financial Freedom report, which surveyed more than 1,000 residents aged 18 to 60.
The study found that 56.3% of respondents now intend to deposit more than $1 million, up from 52.3% in 2025. Additionally, 35.8% cited $1 million to $2.5 million as the benchmark for financial independence.
Retirement expectations have also changed, with financial independence now increasingly targeted at the 40s rather than the earlier 50s.
Some Gen Z respondents also reported a goal of age 30 or earlier.
While 78% of respondents said financial independence was achievable, confidence levels were mixed, with most describing themselves as moderately confident and 34.6% reporting frequent or constant worry about their financial future.
Major barriers cited included high cost of living by 70.7%, low income by 54.0% and family responsibilities by 53.4%.
Market volatility at 32.8% and limited financial literacy at 28.2% were also identified.
Less than half of the 46.4% respondents have started planning for retirement, with delays attributed to competing priorities, uncertainty over how to start, and a perception that it is too early.
CIMB Singapore said respondents who engage with financial planners report less anxiety and higher confidence in achieving financial independence than those who do not.
The study also found generational differences in financial priorities, with Gen Z prioritizing autonomy over spending, Millennials focused on wealth accumulation, and Gen
CIMB Singapore said 52.6% of respondents now see insurance as an enabler of financial freedom, up from 45.0% last year.