Preparing for Longevity in Singapore

Preparing for longevity in Singapore

Written by Singapore, a city state with 5.6m people, has one of the fastest ageing populations in the world. The number of those aged over 65 is expected to reach 900,000 by 2030, and a rising number are living to 100.

2 | Ready for 100? Preparing for longevity in Singapore © The Economist Intelligence Unit Limited 2018 Contents

Foreword 1

About the research 2

Executive summary 3

Introduction 4

Is Singapore ready for 100? 5

In relationships 5

In health and wellness 8

In financial wellness 13

In the workplace 15

Conclusion 19

References 22

Singapore has always thought long-term As a major life insurer, these are all areas of and planned meticulously for its future. great interest to us as we have strived to serve As its standard of living has grown with the financial and protection needs of people better education, diet, healthcare and here for more than 87 years. As part of our work opportunities, so has the lifespan of continued commitment to Singapore and its its residents. future, Prudential is delighted to commission The Economist Intelligence Unit for a milestone Singaporeans today live longer than most research programme that has culminated other nationalities. They are ranked third in this report, Ready for 100? Preparing for in the world for overall life expectancy, longevity in Singapore. It explores the readiness after Japan and Switzerland. By 2030, it is of the country’s residents to live to 100 by expected that one in four people will be aged studying the lifestyle habits and attitudes 65 years and above. With advances in medical which shape their ability to live healthy, technology, more Singaporeans can expect meaningful and joyful lives. their life expectancies to stretch closer to 100 years of age. We hope the insights shared will be useful to Singaporeans as they prepare for the road Living to 100 presents both opportunities ahead and re-imagine future possibilities. as well as issues to be overcome. It offers us For businesses, healthcare practitioners the promise of being with our loved ones, and policymakers, our intent is for the study pursuing work and enjoying lifestyle activities findings to help guide the development of for much longer. At the same time, it requires the right solutions to tackle tomorrow’s us to be more self-aware and proactive in challenges. Together we can help people age ensuring the key facets of our well-being— gracefully and be better equipped to live well health and wellness, financial stability, for longer. supportive relationships and fulfilling work— are sufficiently able to keep pace with our Wilf Blackburn increasing longevity. CEO, Prudential Singapore

1 | Ready for 100? Preparing for longevity in Singapore © The Economist Intelligence Unit Limited 2018 About the research

Ready for 100? Preparing for longevity in 6% work for start-ups. Company owners, the National University of Singapore and Singapore is an Economist Intelligence Unit freelancers, homemakers or retired persons deputy director of the Faculty’s Centre report commissioned by Prudential Singapore. make up the rest of the group. Around 80% for Family and Population Research It is part of the Ready for 100 research of respondents have dependents. Just under programme that examines the opportunities half (45%) look after older parents, while The research takes inspiration from The and challenges that lie ahead for Singapore’s 35% have children less than 18 years old. 100-year life: Living and working in an age residents, employers, healthcare practitioners of longevity, written by London Business and policymakers as people live longer. This • In addition to the survey, we conducted a School professors Lynda Gratton and Andrew report, which focusses on the residents series of in-depth interviews with experts Scott, which challenges conventional of Singapore, is based upon two strands on ageing. Our thanks are due to the notions around ageing and invites readers of research: following individuals (listed alphabetically to consider new ways of thinking about their by surname) for their time and insights: longer lives. • In March 2018, The Economist Intelligence Unit (EIU) surveyed 1,214 of Singapore’s - Angelique Chan, executive director The report was written by Marianne Bray residents. This was conducted in parallel of the Centre for Ageing Research and and edited by Rashmi Dalai with editorial with a survey of 200 business leaders and Education at Duke-NUS contributions from HuiQi Yow, Jusnita a survey of 203 healthcare professionals Chang, and Scott Aloysius. The Economist in Singapore—the results of which are - Chan Heng Chee, chairwoman of Lee Intelligence Unit bears sole responsibility for presented in separate reports. Kuan Yew Centre for Innovative Cities its content. The findings and views expressed and ambassador-at-large at the Ministry in the report do not necessarily reflect the • This report examines the results of the of Foreign Affairs Singapore views of the sponsor. residents’ survey, which are split evenly between men and women, as well as - Christopher Gee, senior research fellow between age groups. Just under 25% fall at the Institute of Policy Studies, lead of into each of the following age groups: 25- the demography and family cluster 34, 35-44, 45-54 and 55-64. There are no respondents aged 24 years and under, and - Laurence Lien, chairman of the Lien 1% fall in the 65-74 age group. In regard to Foundation and co-founder and CEO of income, 36% earn S$50,001-100,000 per Asia Philanthropy Circle year from employment and/or assets. Thirty percent earn S$25,001-50,000 per year, and - Peh Kim Choo, chief executive officer of 16% earn up to S$25,000 per year. The rest the Tsao Foundation and director of the (18%) earn more than S$100,000 per year. Hua Mei Centre for Successful Ageing Just under half (45%) work for a large or multinational enterprise, while 30% work - Thang Leng Leng, associate professor in for small or medium-sized enterprises and the department of Japanese studies at

Singapore, a city state with 5.6m people, has In health and wellness: Singapore’s be re-employed up to the age of 67. However, one of the fastest ageing populations in the residents are largely aware of the to take advantage of these additional working world. The number of those aged over 65 is importance of eating better and exercising years, ageing professionals need to have expected to reach 900,000 by 2030, and a regularly. They also have good intentions to vision and courage to reimagine their careers rising number are living to 100. This is a trend do so, but urban living, a strong food culture and plan to work longer. Technology provides media outlets label the “silver tsunami” and and some conflicting definitions of what is a number of opportunities for people to one that is both a challenge and an “good” and “healthy” contribute to a gap pursue new industries and provide education opportunity for Singapore’s residents. between intent and actual habits. In reality, and reskilling opportunities, but it is only as residents, on average, exercise below the useful as the initiative people take. Currently, For this rising longevity to be a positive recommended time per week and consume an a proactive attitude at work appears to be experience, people in Singapore need to excess of the recommended intake of sugar lacking. Only four out of ten residents say they build strength in four key areas of life that and processed grains. This is contributing actively seek new challenges at work. are known to contribute to the length and to rising rates of dementia, heart disease quality of their years. These are supportive and diabetes—something people need to relationships, health and wellness, financial address with more effort, understanding stability, and work. and preventative proactiveness.

This study has been designed to help In financial health: Singapore’s residents Singapore’s residents examine their lives in are strong savers, with nearly eight out of these areas and identify opportunities to better ten residents having the habit of saving at prepare for longevity. least a little, but even the most ardent saver will struggle to save enough to not have to In relationships: Singapore is very family- work between the standard retirement age oriented. This structure provides happiness of 62 and 100. As a result, residents need to and an important safety net for the population reimagine how they plan their finances for in times of need—three-quarters say they older age. This includes investing as much in would be able to find some or all of the building their financial assets as they do in support they need in an unexpected life extending professional assets and careers. event. However, family members can also place financial and emotional pressure on In work: Singaporean workplaces are youth- one another. One way to address this is for oriented. To help extend people’s working people to engage with a more diverse set lives, the government has mandated that of communities and networks outside of employees cannot be forced to retire before their family. the age of 62, and that eligible employees can

3 | Ready for 100? Preparing for longevity in Singapore © The Economist Intelligence Unit Limited 2018 Introduction

Despite being in her seventies, Professor Chan However, living longer isn’t an experience for Heng Chee is as busy as she’s ever been. The which the average resident of Singapore feels former ambassador to the US spends half of ready. In a recent EIU survey, over 1,200 her day as the chairwoman of the Lee Kuan residents were asked if they wanted to live to Yew Centre for Innovative Cities, and the other 100. Less than a third say yes. half as ambassador-at-large for the Ministry of Foreign Affairs Singapore. With so few wanting to live to 100, one must consider whether the fear of old age “But actually I tell people it ends up 75% and is overtaking the sense of possibility. 75% so I work long days,” says Ms Chan, who also sits on four other boards. “I’m doing what “We are always seeing ageing as a problem. I want to do, and every time I’m discovering We should see ageing as potential—the more of what I want to do and can do.” possibilities, wisdom, emotional stability, passion and authenticity,” says Laurence She is a prime example of the proactiveness Lien, chairman of the Lien Foundation, a that leaders in Singapore are encouraging as philanthropy group dedicated to eldercare they chart new waters in ageing. The city state provision. “But also possibilities in terms of of 5.6m people has one of the fastest ageing what older people can do for themselves as populations in the world, with the number co-creators, consumers, and so on.” of those aged over 65 expected to reach 900,000 by 2030.1 For longevity to be a positive experience in this way, people in Singapore need to build Furthermore, a rising number of Singaporeans strength in four key areas of life that are are living to 100. In 1950 just 50 people were known to contribute to the length and 100, but in 2015 it was 1,100, and this rate quality of their years. These are supportive continues to rise.2 relationships, health and wellness, financial stability, and work. The media labels this trend the “silver tsunami” and businesses are already taking note. The silver market alone is predicted to reach US$3.3trn in the region by 2020, according to the 3rd Asia Pacific Silver Economy Business Opportunities Report.3

In relationships true for people with both small children and create opportunities for people to age actively dependant parents. in an inclusive community, and with the Singapore is a traditional family society right infrastructure. with strong ties. In our survey, partners At the same time, families are expecting less (boyfriends, girlfriends, spouses) and financially from each other. Few respondents Part of this new infrastructure includes parents are noted as the two most significant say they intend to rely on inheritance or setting up nursing homes and assisted living relationships in most residents’ lives. Almost financial help from extended family in their old facilities to take the pressure off family. The four out of five report having at least one age. However, in situations where older people Lien Foundation, for one, is building a nursing dependant and, of these, 57% are responsible do need financial help, this can further add home called Project Jade Circle that focusses for one ageing parent. Moreover, 17% of to the pressure put on younger families to be on a “dignified” life. Mr Lien is one of five respondents look after ageing parents both financially independent and able to help philanthropists developing the city’s first and children, a phenomenon dubbed the their ageing loved ones. assisted living facility. The 50-room facility “sandwich generation”. will enable seniors to live on their own with Caregiving can cause stress to other areas of around-the-clock medical and social care. There is strength in this structure. Our life—almost a quarter of those surveyed say survey shows that 92% of respondents that the pressures of caregiving are hurting feel happy in their relationships, and their relationships. It is also difficult to 89% feel needed. This family structure alleviate. This is, in part, because the focus on Family demands is also a large part of the ageing safety family keeps many from looking beyond home put pressure on net—three-quarters say they would be for supportive relationships and communities. people as well. able to find some or all of the support they need in an unexpected life event. However, having these types of regenerative friendships is a key component of happiness, according to the authors of The 100-year life, The city state is also encouraging new Lynda Gratton and Andrew Scott. Diverse communities. Intergenerational communities Singapore is a networks lessen the demands on families by —like Japan’s Ibasho house in Ofunato5 and traditional family society providing people with extended networks the Kotoen centre6 in Tokyo—are being set with strong ties. to meet their emotional and social needs. As up in the city state. Among these are the in all stages of life, they also provide greater Kampung Admiralty7 retirement community access to opportunities for people to maintain and Project Spring Winter,8 a childcare- their financial and physical independence. nursing home being developed by St John’s- However, family demands put pressure on St Margaret’s Church. Active Ageing Hubs are people as well. Many struggle to meet the The government is trying to encourage being designed, which promote volunteering, time and monetary demands of their own people to change. In 2015 it released its lifelong learning, exercise and financial lives while helping to care for the needs of Action Plan for Successful Ageing, setting out planning.9 The first of the ten hubs the Ministry other family members. This is particularly 70 initiatives in 12 areas.4 The plan seeks to of Health has planned was opened in 2017.

5 | Ready for 100? Preparing for longevity in Singapore © The Economist Intelligence Unit Limited 2018 A majority of survey respondents say they feel both happy and needed in their relationships, a strength that contributes to longevity.

© The Economist Intelligence Unit Limited 2018 Ready for 100? Preparing for longevity in Singapore | 6 Figure 1: Staying connected With which social networks or communities are you most engaged? Select up to four. (% respondents)

Immedite mil 62%

iends cicle 47%

Etended mil 28%

oessionl commnit t o 20%

eligios commnit 19%

o o shed inteest commnit 16%

nline socil commnit 14%

Locl neighohood 12%

milies elted to o childens school nd iends 12%

olnteeing o lic seice commnit 10%

I m not engged in n commnities 9%

ollege o niesit commnit 7%

However, benefiting from these efforts still requires residents to take advantage of them. While engaging in the community is key to a productive life, says Angelique Chan, the executive director of the Centre for Ageing Research and Education at Duke- NUS, Singapore’s residents still do so less than older people in other countries. For example, only 12% volunteer compared with 24% of those aged 65 and older in the US.10

7 | Ready for 100? Preparing for longevity in Singapore © The Economist Intelligence Unit Limited 2018 In health and wellness Health Promotion Board (HPB)—30 minutes a The good news is residents do know that they day, five or more days a week, or 150 minutes need to do more. Only a quarter of respondents Those surveyed recognise that health, a life a week. say they are ready from a health perspective to asset that is particularly vulnerable to old live to 100 years. Confidence in one’s readiness age, needs to be protected and many people Singapore’s residents also consume a drops with age—from 22% of those aged 25 to in Singapore do make efforts to do so. When considerable amount of processed grains 34, to half that number in the 55-64 cohort. asked what preventative measures they and sugars. Ninety five percent indicate they adopt to avoid future age-related diseases, eat white rice, white noodles or white bread “It’s a lot about educating people that they’re 66% of respondents say they try to eat at least one to three times a day, 73% eat going to live much, much longer. Once we get healthy and 49% say they maintain healthy cookies, cakes and candies with the same that message through—and we’re about halfway physical activity. frequency, and 69% drink at least 120ml of there—then people may take more ownership of sugary drinks daily. A culture of eating out and their health and wellness,” says Ms Chan. at hawker centres reinforces consumption of food that is not necessarily healthy. Those surveyed recognise Singaporeans must take that health, a life asset With growing scientific research linking greater preventative processed grains and sugars to a number that is particularly action to avoid non- vulnerable to old age, of old-age diseases including dementia, diabetes and heart disease, these figures communicable diseases needs to be protected may help explain why the number of years that start at 35 to 40 years. and many make Singaporeans are living unhealthily has risen. Many are increasingly suffering from chronic efforts to do so. long-term diseases, ones that can also affect Government and non-government groups in mental health and cause disability, says Singapore have come up with schemes to boost Christopher Gee, senior research fellow at the awareness and change habits, and residents are However, in reality, the daily habits reflected Institute of Policy Studies.11 starting to respond. The HPB has an initiative in the survey show a significant gap between to encourage 10,000 steps a day.12 Close to 400 intent and actual lifestyles. When asked how To reverse this trend, Singapore’s residents seniors have tried out the Gym Tonic weights often they exercise for 20 or more minutes must take greater preventative action to programme set up by the Lien Foundation, in a week, four in ten respondents say they avoid non-communicable diseases that start and half of the “frail” moved to “pre-frail”.13 do so less than twice a week and three in ten at 35 to 40 years, says Ms Chan. “There’s According to Mr Gee, demand for sugary drinks do so two to three times a week. Only two in not enough engagement in preventative also dropped after the government declared a ten indicate they regularly exercise for the care and management so that’s hurting “war on diabetes” and urged consumers to ditch duration and frequency recommended by prospects of living a long and productive life,” soft drinks. He is hoping the government’s the American Heart Association and other Ms Chan says. HealthHub portal will help nudge Singapore’s health organisations including Singapore’s residents in the right direction.14

© The Economist Intelligence Unit Limited 2018 Ready for 100? Preparing for longevity in Singapore | 8 The daily habits reflected in the survey show a significant gap between intent and actual lifestyles.

9 | Ready for 100? Preparing for longevity in Singapore © The Economist Intelligence Unit Limited 2018 Figure 2: Good intentions What preventative measures do you take to avoid future age-related diseases? Select all that apply. (% respondents)

0 I t to et intin nge lee seen e oid e o Use t on I dont helth helth hsicl m eight to eight nnl smoing nd m mentl technolog to o ltest te n ctiit hos night helth ecessie lcohol helth tools to hel esech nd eenttie checs consmtion me meet nes ot meses helth gols diseses

2 es old es old es old es old

Excludes respondents aged 65-74 years and don’t know responses as these are 2% or less of the total respondents.

But wider-scale changes are needed as well. rehabilitation and acute care and not enough on that is higher than the global average.15 More The healthcare system needs to reorient itself preventative care,” says Mr Lien. “People become community support will be needed. Family towards keeping people healthier for longer. sicker and frailer earlier than they should and caregivers will also need to be supported, that increases the burden on caregivers.” with leave or pay among options suggested by “Many older people could be in better health Ms Chan. than they are because of a highly fragmented What’s more, Mr Lien adds, one in two people healthcare system that focusses on aged 85 and above will get dementia, a rate

© The Economist Intelligence Unit Limited 2018 Ready for 100? Preparing for longevity in Singapore | 10 “Active ageing should also be for older people Figure 3: Healthy confidence who are disabled, frail, even when they are From a health and wellness perspective, dying,” she says. do you feel you are prepared to live to 100? % respondents HMCSA focusses on “an ecosystem of care”. Its seven aged-care programmes connect to grassroots groups, businesses and 22% 23% government agencies in the community to start preventative measures at 40 years that lastes right through o the end ofI dont life. no

55% Many older people could

22% 23% be in better health

es o I dont no than they are because of a highly fragmented 55% healthcare system that

“What needs changing really is the way society focusses on rehab and looks at ageing and the older person across acute care and not enough the whole lifespan,” says Peh Kim Choo, chief on preventative care. executive of the Tsao Foundation and director of the Hua Mei Centre for Successful Ageing (HMCSA).16 The question Singapore should be asking itself, she says, is “how do we aspire to be actively ageing?”

11 | Ready for 100? Preparing for longevity in Singapore © The Economist Intelligence Unit Limited 2018 “What needs changing really is the way society looks at ageing and the older person across the whole lifespan.” Peh Kim Choo

© The Economist Intelligence Unit Limited 2018 Ready for 100? Preparing for longevity in Singapore | 12 In financial wellness However, even the most ardent saver Most survey respondents say they plan to rely will struggle to save enough to not have on a wide range of assets to support their Singapore’s government policies and cultural to work between the standard retirement financial health in their older years with cash fabric encourage fiscal self-reliance through age of 62 and 100. “People are just not savings, the CPF, national medical insurance the Central Provident Fund (CPF) and other saving enough for retirement,” says Mr Lien. (Medisave and Medishield) and whole life and incentives. As a result, 78% of respondents say “If they are planning for 84 or 88, rather private medical insurances being in the top they save money. than 90 or 94, they’re in for a shock.” six. However, they are also planning on relying on a salary, which ranks fourth in that list.

Figure 4: Sharing the wealth On a scale of 1-10, to what extent do you expect to rely on the following to help support your needs after 62? Responses of 6 to 10.

Cash, money market, certi cate of deposit and other savings 64%

Central provident fund (CPF) 64%

National medical insurance / Medisave and MediShield 61%

My salary 52%

Whole life insurance 52%

Private medical insurance 51%

Market investments in stocks, bonds and other exchange-traded securities 37%

Annuity products 35%

Real estate investments 33%

My children 31%

Inheritance from older family members 28%

Private investments in companies, land and other non-exchange traded assets 25%

My extended family 24%

13 | Ready for 100? Preparing for longevity in Singapore © The Economist Intelligence Unit Limited 2018 This expected reliance on a salary when the benefit from a longer life, and support retirement age is still 62 indicates a future Figure 5: Ready for retirement them to get the self-knowledge, skills, tension in residents’ ability to provide From a financial perspective, are you ready for education and financial resources they need. 100? (% respondents) for themselves to 100. If not addressed, challenges like this in an ageing society can accentuate inequalities, says Mr Gee. Already, most households headed by retirees Only a little over a quarter in Singapore have fallen into lower-income 19% 26% of all respondents feel brackets, according to the UN’s independent they are financially ready expert on ageing, Rosa Kornfeld-Matte.17 es o I dont no to live to 100 years. 55% Singapore’s government

policies and cultural22% 23%

fabric encourage es o I dont no fiscal self-reliance. 55%

The situation for older people can be further you are lower income and middle income,” exacerbated, possibly to the point of crisis, says Mr Lien. when something unexpected happens. According to respondents, in the event Addressing this problem requires a full of an illness or job loss, a third could not reimagining of how people will work independently meet their financial needs. and retire in the future. Currently, many older Singaporeans “retire” to jobs that Not surprisingly then, only a little over a are different or lower-status than other quarter of all respondents feel they are professional jobs they once held. To maintain financially ready to live to 100 years. their working life earnings, people will need to invest more in their ability to be productive “A lot of people’s reaction would be wow, for longer, including keeping up their skills 100 years old, that probably means that I’ll and networks. be sick for longer and it’s going to be such a huge burden on my finances, on my family. Policymakers and companies also need I wouldn’t want it, and that’s particularly if to ensure that those on low incomes can

© The Economist Intelligence Unit Limited 2018 Ready for 100? Preparing for longevity in Singapore | 14 In the workplace and reskill through their lifetimes, as what The key is seizing the opportunities, they learnt in their youth will probably something not all people are yet rushing to do. With greater longevity comes both the need be obsolete as new technology and “We have to start reimagining mental models,” to work longer and the opportunity for jobs emerge. says Mr Lien. “For example, one mental model reinvention. Older Singaporean residents is that when you grow older you cannot take appear open to this change; sixty-four percent risks, you shouldn’t become an entrepreneur if of respondents aged 55-64 say they still enjoy you are in your 60s. The question is: why not?” their work and 65% say they still feel able Technology also provides to acquire the skills that they need to stay a new set of opportunities Some residents are already making this productive. The government is also setting mindset change: of those surveyed, 14% of policies to enable this to happen: employees for the ageing population people aged 55-64 want to start a company cannot be forced to retire before the age of 62, to become more productive. after 62, and that number rises across the and eligible employees can be re-employed up younger generations. Furthermore, in to the age of 67. January 2016 the government began giving free SkillsFuture Credit for retraining across The rise of the “gig” economy offers a wide range of disciplines. Of the 1.9m With greater longevity opportunities for older people to have eligible, 14% have used the credits so far,18 a comes both the need more control over their schedule and branch modest uptake but one that is promising. out on their own. For example, they could to work longer and provide specialised skills to a range of employers rather than working for just one. the opportunity for The rise of the “gig” reinvention. This does come with the risk of financial instability though. economy offers opportunities for older Technology also provides a new set of However, to capture this opportunity, opportunities for the ageing population people to have most Singapore residents say companies to become more productive. Innovations more control over their must work harder on solving the struggle such as Artificial Intelligence and automation for a better work-life balance across all are only as useful as they integrate into schedule and branch ages. This is an issue that gets even more the jobs and functions they are intended to out on their own. challenging as people get older. As people support. Those with decades of experience work longer, they need more flexibility can help inform and design new solutions. to sustain their energy, manage the cycle Online teaching courses, digital certificates of energy between work and home, and and other means of connecting with other However, when asked to describe their continue developing their careers. They professionals can also help people update attitudes towards work, the majority do not also need time to build on their knowledge their skills and education. describe themselves as proactive. Only four

15 | Ready for 100? Preparing for longevity in Singapore © The Economist Intelligence Unit Limited 2018 Figure 6: Planning ahead What would you like to do with your working life after 62? Select up to three. (% respondents)

0 se olntee in ne ontine oing ecome n chiee highe o in ont o c ssion sills in the sme enteene cee osition ne indst no to school indst

2 es old es old es old es old

Excludes respondents aged 65-74 years and other responses as these are 2% or less of the total respondents.

in ten surveyed say they actively seek new generating activities, such as pursuing a There could be challenges, learnings and opportunities in passion or volunteering, until later years. their workplace. times of earning, This would prevent them from embracing times of reskilling Without proactiveness, people will be more alternative, and arguably better, life models likely to continue framing their lives in three that are more cyclical. There could be and breaks of stages in which one puts off non-money times of earning, times of reskilling and regeneration in between.

I ccet ne chllenges lenings nd ootnities hen the e esented to me 40%

I sometimes see ne chllenges lenings nd ootnities 21%

I ctiel see ne chllenges lenings nd ootnities 21%

I m not inteested in ne chllenges lenings nd 10% ootnities t ill ccet them i necess

I nt to etie s soon s ossile 4%

I m not inteested in ne chllenges lenings nd 2% ootnities nd ill oid them hee ossile

I do not no 2%

breaks of regeneration between. Underpinning reinvest in your human capital because you opportunities for older workers. Policymakers this would be the intent by people across have that long runway to live, and therefore and Singaporean business leaders can partner all ages to more consistently grow a range of also reap a return on the investment to re-evaluate their policies and thinking productive assets—their skills, professional you make,” says Mr Gee of individuals around hiring older professionals. Companies networks, interest and reputations—to and companies. can reassess their human resource and leverage them for much longer. benefits programmes to better support the For change to happen, employees, businesses ageing workforce. Having a more flexible and self-regenerating and the government must work together. workforce across all age groups would help Employees can be more vocal about the individuals, companies and the government. kinds of adjustments they would like to see “There is every incentive to continually in their workplaces, particularly in regard to

17 | Ready for 100? Preparing for longevity in Singapore © The Economist Intelligence Unit Limited 2018 “There is every incentive to continually reinvest in your human capital because you have that long runway to live.” Christopher Gee

With significant effort and planning, the unpleasant vision of older people as frail and dependent holds the promise of fading. The next generation, in which people will be even better educated and in better health, will pass through to old age with greater agility and ease.

“Each generation will experience life in an improved way,” says Mr Gee. “Incrementally, society will get there.”

However, to realise this vision, people need to embrace a more personal vision of their own. They need to develop self-awareness about their attitude towards ageing, one that is still largely negative. They then need to reimagine how life might be if lived to 100 and consider changes to how they approach their relationships, health, finances and work life that could contribute to that vision.

Singapore’s residents also need to acknowledge that age is a self-fulfilling prophecy, says Mr Lien. Research from Yale University in 2002 showed people live 7.5 years longer with a positive attitude to ageing compared with those who fight it.19

Ms Chan, for one, is very happy with her life and says there are still many things she wants to do. “I’m doing much more now than when I was aged 65,” she says, when her one job was being an ambassador. “Now I’m multi-jobbing, but they are interesting jobs and I feel very alive.”

19 | Ready for 100? Preparing for longevity in Singapore © The Economist Intelligence Unit Limited 2018 “Now I’m multi-jobbing but they are interesting jobs and I feel very alive.” Chan Heng Chee

Preparing for Singapore’s residents to live possibilities. People can try different careers, following one’s passions today rather than to 100 will be a multi-faceted effort that take breaks, gain new skills and knowledge, waiting until later can help increase vitality will involve policymakers, businesses, move to new countries, and experiment and energy through all stages of life. communities and residents alike. However, through different projects. individuals can lead the change with a few key Actively manage financial assets. Being proactive steps: Have regular health checks in younger aware that financial assets will need to last years. Preventative measures are important longer and go further than in generations past Consider the possibility of living to for extending healthspans. Diet, exercise and can increase one’s focus on maintaining strong 100. Preparing to live to 100 begins with other health choices should be considered financial health through life and planning acknowledging that this is a real possibility. more carefully. Technology tools can help more proactively. Most Singaporean residents do not view living support health goals and provide important this long positively and therefore do not think health-related information. Broaden social and professional networks. to plan for it. A change in mindset is needed to Diverse personal and professional networks more proactively prepare for longer lives. Build intangible assets. Taking the time to help people find role models and opportunities see friends and family, engage in different through all stages of life. They also help people Imagine more than a three-stage life path. communities, gain new knowledge and skills, be more positive towards and supported Thinking beyond school, work and retirement volunteer, and seek unique experiences is through the challenges of ageing. to consider a more cyclical model creates new important. Being open to exploring and

1 Population.sg, “Older Singaporeans to double by 2030”, August 22nd 2016, https://www.population.sg/articles/older-singaporeans-to-double-by-2030 2 Population.sg, “How many Singaporeans are living to 100 years old?”, March 8th 2016, https://www.population.sg/articles/how-many-singaporeans-are-living- to-100-years-old 3 Ageing Asia, “3rd Asia Pacific Silver Economy Business Opportunities Report”, April 14th 2015, https://www.ageingasia.com/index.php/market-intelligence/3rd- asia-pacific-silver-economy-business-opportunities-report 4 The Ministry of Health, “I Feel Young in my Singapore: Action Plan for Successful Ageing”, https://www.moh.gov.sg/content/dam/moh_web/SuccessfulAgeing/ action-plan.pdf. Note: the action plan was unveiled in August 2015 and published in 2016. 5 http://www.ibasho.org/web/ 6 Kotoen.or.jp 7 November 12th 2017, The Straits Times, “Singapore’s first ‘retirement kampung’ stirs to life as residents move in”, October 16th 2017, https://www.straitstimes. com/singapore/housing/kampung-admiralty-stirs-to-life-as-residents-move-in 8 http://psw.sjsm.org.sg 9 Dr Amy Khor, senior minister of state for health, spoke about Active Ageing Hubs at the official opening of Kwong Wai Shiu Community Care Centre at McNair, November 11th 2017/ 10 https://www.bls.gov/news.release/volun.htm 11 For more information, please refer to: Christopher Gee, Yvonne Arivalagan and Chao Fengqing, “Harnessing Singapore’s Longevity Dividends: The Generational Economy, Society and Polity”, February 2018 12 https://www.healthhub.sg/programmes/37/nsc 13 http://www.lienfoundation.org/sites/default/files/GT_Presser_12Dec2017_Combined.pdf 14 https://www.healthhub.sg/ 15 The Straits Times, “Yishun set to be first ‘dementia-friendly’ town”, January 21st 2016, https://www.straitstimes.com/singapore/yishun-set-to-be-first- dementia-friendly-town 16 https://tsaofoundation.org/what-we-do/services-programmes/about-hmcsa 17 http://www.refworld.org/docid/59b81a094.html 18 http://www.skillsfuture.sg/NewsAndUpdates/DetailPage/f1c05718-fe65-4d2d-b468-742a6fde190d 19 Becca R Levy et al, “Longevity Increased by Positive Self-Perceptions of Aging”, January 8th 2002, https://www.apa.org/pubs/journals/releases/psp-832261.pdf

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