1.                  Singapore’s baby boomers envision their golden years as a period to spend more time with their families, pursue their passions, socialise and take care of their health. This is according to a survey with baby boomers commissioned by the Ministry of Community Development, Youth and Sports (MCYS).

 

2.                  The findings indicate the Singapore baby boomers, defined as those born between 1947 and 1964 (aged between 44 to 61 today), being more affluent, better educated than their predecessors, view ageing positively. A majority of them, 85%, expect to be financially secure as they age. 

 

3.                  Many respondents also believed in the value and need to work, an attitude which would have been reinforced by today's economic environment. The survey, which covered 3,000 respondents between age 43 - 60, showed that more than 7 in 10 baby boomers were in the workforce or looking for work at the time of the study. Of these economically active individuals, almost half wished to or expected to have to work as long as they could. Even among those who specified an age at which to retire from work, about 3 in 10 expected to do so at age 65 or older, beyond the current retirement age of 62.     

 

4.                  36% of baby boomers desired to work part time. The top three conditions that these baby boomers look for in post-retirement work were flexible work, similar income, and fewer hours of work. University-educated baby boomers indicated that a stimulating workplace and the chance to guide or mentor younger workers were more important attributes than income continuity and work hours. 

 

5.                  The Government recognizes that these baby boomers can continue to contribute to the economy and the re-employment legislation, which will be in place by 2012, will help employers continue to hire these valuable older employees. It also wants to encourage retraining of older workers to help them remain employable for as long as possible.

 

 

 

6.                  Respondents to the survey also revealed that they were willing to pay for silver products and services, in particular seniors-centric travel packages (34%) and leisure activities (41%). Further education and learning opportunities (23%) and financial services (21%) were also top on their list.  The survey uncovered the need to raise awareness of high-tech and assistive devices and products such as robots, telemedicine, smart homes and home help and home nursing.

 

7.                  On the findings, Minister for Community Development, Youth and Sport, Dr Vivian Balakrishnan said, “This survey indeed confirms what we had widely believed about baby boomers in general – that they hold different life perspectives from their predecessors. They are more empowered -- in that they are better educated and have more spending power. We can expect them to demand better products and services, and aim for better jobs and a better lifestyle overall.”

 

8.                  The 50 Plus Singapore Expo, to be held on 10-11 Jan 2009, has been specifically designed to cater to the needs of baby boomers. The Expo will feature a range of leisure, travel and learning options to choose from. There will also be exhibits and fun activities that are designed for the entire family. The 50 Plus Singapore Expo is organized by the Council for Third Age, and supported by MCYS.

 

9.                  The Baby Boomers survey is the first to be conducted in Singapore. The full report is attached in the annex.