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This is a bit dated as its from a 2001 paper quoting a 1995 study, but I would be surprised if it still not relevant in general. Its from "Housing and the elderly in Singapore - financial and quality of life implications of ageing in place" by Kwame, AD and Wong, Grace from NUS.
As I mentioned, with TFR (Total Fertility Rate) at about 1.2, the number of childless (or single child) elderly people is going to increase dramatically. Relying on your children is not "retirement adequacy".
Quote:
According to the 1995 National Survey of Senior Citizens in Singapore, the most common sources of finance for the elderly Singaporean are Central Provident Funds (CPF – the equivalent of social security in the West) and investments (25.7%), financial support from children (64.0%), personal savings and insurance (6.6%), and financial support from spouse (3.7%).
As I mentioned, with TFR (Total Fertility Rate) at about 1.2, the number of childless (or single child) elderly people is going to increase dramatically. Relying on your children is not "retirement adequacy".
Quote:
According to the 1995 National Survey of Senior Citizens in Singapore, the most common sources of finance for the elderly Singaporean are Central Provident Funds (CPF – the equivalent of social security in the West) and investments (25.7%), financial support from children (64.0%), personal savings and insurance (6.6%), and financial support from spouse (3.7%).