TCL. How confident are you that you will have enough money for a 100-year life?  

Thomas. As a senior in my seventies, with less than 30 years before reaching 100, I believe that with careful financial planning, there is enough to live comfortably in Singapore. However, the rising cost of living, such as food prices, makes this challenging. For example, a cup of coffee has increased from S$1.00 (US$0.73) before COVID-19 to S$1.20 (US$0.89) or more.

As an Asian senior, I recall the wisdom of our elders when I was growing up who advised us to “cut our cloth according to one’s needs,” meaning to live within our means. My main financial resource is my CPF (Central Provident Fund) savings, which supports my daily expenses. When those funds are gone, I will rely on CPF Life. If necessary, I might rent out a room or my entire HDB (Housing & Development Board) flat, or lease back my flat to the government for extra income. 

TCL. Do you see yourself needing to work well into your 70s, 80s, or beyond just to make ends meet as you get older? Do you think that younger generations will have to work longer?  

Thomas. Like many seniors, I would love to keep working, but opportunities are limited for people in their seventies. Seniors like me are diligent workers who don’t require work-life balance or dream jobs; having a job is about meaningful engagement and supplementary income. However, the younger, tech-savvy generations often outpace us in digital skills, which can undermine our confidence. Conversations between generations can sometimes feel like “playing guitar to an ox.” 

Younger generations are working longer but they are doing several jobs at the same time. Such multi-jobs show that they are not lazy and are self-sufficient. It helps to build up their characters and resources which are useful in their future 100 years-old life career.  

TCL. What is the biggest financial challenge for you right now? Do you think it has to do with your age? 

Thomas. My biggest financial challenge is maintaining a roof over my head, though my housing is paid for. Medical expenses are also a concern, but these are luckily covered by the national CPF scheme. So, the next financial challenge right now is to save on unnecessary expenditures. It is also to teach young adults and children to save for rainy days. However, these are more easily said than accepted or followed. 

Employers are increasingly less interested in office skills and management because computerisation has automated much of the repetitive work and improved workflow and scheduling. Additionally, good forms design is no longer a crucial skill, as computers can now handle these tasks more efficiently.  

TCL. Some people say that older generations/ people had financial advantages, leaving their children and the next generation facing greater challenges. Do you agree? 

Thomas. Every generation faces its own set of challenges and advantages. It is a misconception to believe that older generations had significant financial advantages. They endured two world wars, famines, and man-made financial catastrophes. In reality, the younger generation today has better financial opportunities if they are willing to put in the effort. For instance, taxi drivers in the past had to work long hours, often leading to health problems. Nowadays, with IT, IoT, and apps, many young adults, often highly educated, can earn good incomes as drivers for services like Grab and Uber. Delivering services for corporations, families, and charities can be equally rewarding. Furthermore, Web 3.0 and AI (Artificial Intelligence) have created numerous job opportunities, enabling the younger generation to work several jobs simultaneously. 

TCL. Given a 100-year life has never been lived before for so many, do our financial models need to radically change?  if so, how?  

Thomas. Today’s concepts of money and financial models are largely shaped by Western perspectives. The traditional view that hard work is the only path to financial success might need to be updated or ‘upgraded’ to better foster wealth creation. For seniors, wealth can be seen in many forms beyond money, such as health, knowledge, ideas, respect, humility, happiness, friendships, and other intangible assets. Future financial models should be personalized, as different people have varying aspirations and concepts of wealth based on their socio-economic contexts. In my U 3rd Age group, one member in his eighties promotes ‘relationship banking’ to encourage meaningful conversations between seniors and younger generations. 

Seniors often possess creativity, which can be valuable for developing new financial models. For example, centenarians on Facebook who gather ‘likes’ for their birthday posts demonstrate a form of creativity that could potentially be monetized. These older individuals are often more resourceful than younger seniors (like myself, in my seventies) in finding ways to make a living. 

In Singapore, there are helpful financial models in place to support seniors. Programs like MediShield and CareShield Life (www.moh.gov.sg) cover health expenses, and additional health insurance premiums can be paid using funds from the Medisave portion of the CPF account. To ensure financial security for older age, the rental and buy-back scheme for flats provides a way to support those living to 100 years and beyond. Government distributions of e-vouchers and cash payouts also provide valuable assistance. 

Beyond financial support, NGOs like U 3rd Age play a crucial role in addressing the spiritual and mental well-being of seniors. Our monthly ‘Seniors-Meet-Seniors’ (SMS) sessions at the public library offer opportunities for fellowship and socialisation, helping centenarians and other seniors enjoy longevity and enrich their lives through continued learning and social engagement.