Stressed about the future? Planning for retirement early can ease your anxiety

Asia's Tech News Daily

HSBC Life, ‘+Factor’ Study, here

Uncertainty about the future can take a toll on one’s mental health. Financial planning can help ease some anxiety and make you feel better prepared. PHOTO: HSBC LIFE

Although Singapore has fared better in the pandemic than many other nations, Singaporeans are suffering from increasing levels of stress and anxiety about the future. The pandemic has not just given rise to a healthcare but also a mental health crisis with job loss, a volatile economy and uncertainty about the next wave of COVID-19 taking a heavy toll on mental wellness.

Now, more than ever, there is an urgent need to examine the factors which affect mental wellbeing as well as identify ways to help people feel more in control of their lives. 

Between March and April this year, HSBC Life conducted the ‘+Factor’ Study to gain insights into the physical, mental and financial well-being of over 10,000 people across Singapore, Hong Kong, mainland China and the UK. 

31 per cent of the Singaporean respondents considered Covid-19 to be a key source of stress in their lives. Unsurprisingly, about 1 in 4 Singaporeans reported that the pandemic has had an impact on their mental and physical health.

In addition, 31 per cent of the Singaporean respondents were worried about the economic effects of the Covid-19 pandemic, reflecting their uncertainty about how lasting the pandemic’s damage will be on the economy and on individuals’ finances.

Rising healthcare costs are also a major concern

The cost of medical care was also rated as one of the key concern, with 76 per cent of Singaporean respondents worried about rising healthcare cost.

As healthcare costs typically rise with age, the affordability of medical care is a key concern in retirement planning, especially for those who are financially supporting elderly family members. The sandwich generation, who juggle the dual financial commitments of caring for both children and aged parents, experience a particularly high degree of anxiety, with 81 per cent of respondents from this demographic being worried about not being able to afford medical care if there were to be an illness in the family and 73 per cent reporting that they would be worried about medical bills if they were to fall ill.

With anxiety about finances and healthcare costs playing such a major role in Singaporeans’ apprehensions, it makes sense to have a financial plan to see where the gaps are and how to better prepare for the future. 

Financial health and mental health are interlinked

The study demonstrates that financial stress can have a profound impact on one’s psychological state, and that financial health and mental health are closely intertwined.

It comes as no surprise, then, that 51 per cent of the respondents who reported their mental health as being very poor were also worried about not having enough funds for retirement. Conversely, being financially fit can have positive knock-on effects that make a person more resilient to difficult situations and more confident about succeeding in other areas of their lives.

The survey results suggested a positive correlation between financial health and mental health. Taking steps to improve one’s financial situation, such as through retirement planning, could have a positive impact on one’s psychological well-being.

Planning for retirement can help tackle anxiety

While the trajectory of the pandemic remains uncertain, one of the things Singaporeans can do to cope is to take active steps to plan their finances.

Retirement planning can offer a sense of control and help to promote peace of mind about the future. There is evidence to show that those who plan for retirement are financially fitter overall.

The study found that saving for retirement was the one of the top motivators for managing financial health, with 55 per cent saying that their motivation was to achieve their desired living standards in retirement.

For those hoping to boost future retirement income, signing up for one of HSBC Life’s savings and retirement plans can be a good starting point. Such plans offer a simple way to build up a retirement nest egg while helping the user’s money grow and protecting it from inflation.

Plan for the future with HSBC Life’s comprehensive range of savings and retirement solutions

Life can be hard when one is constantly worrying about retirement and fearful about the future.

HSBC Life takes the stress out of retirement planning with solutions that turn it into an easy process, freeing up your energy to focus on other aspects of your life.

Each of these HSBC Life plans can help you effortlessly accumulate wealth for the future and pave the way to better holistic wellbeing.

HSBC Life Retirement Income II – Participating Plan

For peace of mind about the future, lock in a steady retirement income with this plan to fulfil your ideal retirement plan. Pay a single premium or premiums over five or 10 years and receive guaranteed monthly payouts from $300 onwards plus non-guaranteed monthly cash bonuses when you retire.

HSBC Life Wealth Builder – Participating Plan

For those who need flexibility or young people just starting out on the career ladder or those who need flexibility can benefit from this plan, which enables you to pause premiums and access your cash value whenever you need while building your wealth for retirement. Pay a single premium or premiums over five, 10 or 15 years.

HSBC Life Variable Annuity – Investment-Linked Policy (“ILP”)

If you have USD to invest, good news: this plan enables you to receive an income stream and potential lump sum when you retire after making a one-time investment in USD, with your capital being guaranteed. You can also benefit from market upside performance while enjoying protection from downside risk thanks to the plan’s “ratchet” feature.

HSBC Life Savings Protector II – Participating Plan

Keen to grow your wealth while minimising risk? This savings plan with a three or five-year premium payment term guarantees the preservation of your capital, and also offers the possibility to receive a higher payout through non-guaranteed bonuses when you retire.

HSBC Life Goal Protector Insurance Plan – Investment-Linked Policy (“ILP”)

For those who wish to build a globally-diversified investment portfolio, this plan enables you to gain exposure across asset classes, geographies and currencies while paying premiums over 10 years.

To find out which plan would suit you best, visit or make an appointment with a HSBC Relationship Manager for personalised financial planning advice here.

The above products are underwritten by HSBC Insurance (Singapore) Pte. Limited (Ref.No.195400150N).

This article contains only general information and does not have regard to the specific investment objectives, financial situation and particular needs of any specific person. 

The HSBC Life +Factor Study was conducted by Engine Group. The mental wellbeing was tracked using the Warwick-Edinburgh Mental Wellbeing Scale© (“WEMWBS”), respondents were given a mental health score (‘very low’, ‘below average’, ‘average’, ‘above average’). WEMWBS was developed by the Universities of Warwick, Edinburgh and Leeds in conjunction with NHS Health Scotland. ©University of Warwick, 2006, all rights reserved. Financial fitness was measured using the FinFit methodology previously developed by The Hongkong & Shanghai Banking Corporation Limited through which respondents are evaluated on 15 questions across 4 areas including financial habits, financial knowledge, financial planning, financial security. Figures have been rounded to the nearest whole number.

Information is correct as of October 8, 2021.

This advertisement has not been reviewed by the Monetary Authority of Singapore. Protected up to specified limits by SDIC.

HSBC Life, ‘+Factor’ Study, here

Internet Explorer Channel Network
Asia's Tech News Daily
News Related


Omicron: Sajid Javid says community transmission is happening in ‘multiple' regions of England

© PA 0612sajid-javid The Omicron variant of Covid-19 is now spreading in “multiple” parts of England, health secretary Sajid Javid told MPs on Monday. In a statement, the Mr Javid ... Read more »

Tommy Fury reveals he is ‘absolutely heartbroken' after pulling out of Jake Paul fight with injury and illness

© Getty Images tommyfury.jpg Tommy Fury has confirmed his fight with Jake Paul is off after he suffered a broken rib and a chest infection in the build-up to the ... Read more »

Royal family to watch Ellie Goulding star in Kate's Christmas Eve carol concert

© PA Archive The Duchess of Cambridge with singer Ellie Goulding Members of the royal family are to join the Duke and Duchess of Cambridge at Kate’s Christmas carol concert, ... Read more »

Mac: ‘Fool' Khabib Had To Eat His Words

Former UFC lightweight champion Khabib Nurmagomedov lumped Jose Aldo into the same category as fellow ex-titleholder Conor McGregor, insisting “Junior” was only winning fights because he was facing wannabes and ... Read more »

When is the Champions League knockout draw? Date, time and qualified teams for the round of 16

© AFP via Getty Images GettyImages-1234876586 (1).jpg The Champions League group stage reaches its conclusion this week and a number of teams still have work to do to claim their ... Read more »

Biden to speak to Zelensky and allies before talks with Putin over Ukraine invasion fears

© Independent Breaking news – Independent President Biden will speak with Ukrainian President Volodmyr Zelensky and leaders of key European allies in order to “coordinate his message” and go into ... Read more »

My first panto: Jack and the Beanstalk at the Hackney Empire

© Manuel Harlan L-R-Clive-Rowe,-Daisy-the-Cow-and-Kat-B-(c)-Manuel-Harlan_3..jpg Yuletide is full of traditions, but one I’ve never taken part in is a trip to a Christmaspanto. Growing up my parents preferred a festive trip ... Read more »

Bayern Munich vs FC Barcelona: Prediction, kick off time, TV, live stream, team news, h2h results - Champions League

© Getty Images lewandowskineuer.jpg Bayern Munich host FC Barcelona in their final group stage match of the Champions League, and it’s a defining match for the European hopes of Xavi’s ... Read more »

UFC Vegas 44: Font vs. Aldo - Unofficial Awards

UFC Vegas 44 proved to be a very welcome return for the UFC after taking a hiatus during the Thanksgiving break. Jose Aldo turned in his best performance in several ... Read more »

ITV: The Heartbeat star whose ex-husband is related to Alan Partridge legend Steve Coogan

ITV’s Heartbeat followed the lives of residents, police and medical staff in North Riding of Yorkshire’s towns of Ashfordly and Aidensfield. Based on Nicholas Rhea’s the ‘Constable’ books, the drama ... Read more »

More than 50,000 new Covid cases in 24 hours but deaths fall slightly

© PA Wire There have been 336 Omicron cases identified in the UK so far – PA Wire There were 51,459 new positive Covid cases in the last 24 hours, ... Read more »

Met Police officers who shared photos of murdered sisters on WhatsApp jailed

© PA Deniz Jaffer and Jamie Lewis were sacked following a tribunal – PA Two police officers who took photos of two murdered sisters after being assigned to guard the ... Read more »

Tell us: how are you staying cheerful this December?

© Provided by The Guardian Photograph: Hollie Adams/Getty Images As Christmas rapidly approaches, many who spent the holiday without family and friends last year are looking forward to celebrating. But ... Read more »

Michigan school shooting: Detroit artist to be investigated for ‘harbouring' Ethan Crumbley's parents

© AP The attorney of Detroit-based artist Andrzej Sikora, in whose studio the Crumbleys were found by police, says he didn’t know the couple had stayed overnight – AP The ... Read more »

What TV channel is the Ashes on and how can I watch it online?

© Getty Images for Cricket Austral GettyImages-1357228739.jpg England will look to reverse their poor recent record in Australia when the Ashes gets underway in the early hours of Wednesday morning. ... Read more »

Covid: 90 more Omicron variant cases detected across the UK

© AFP via Getty Images BRITAIN-ECONOMY-HEALTH Another 90 confirmed cases of the Omicron coronavirus variant have been reported across the UK, bringing the total to 336. In total, 64 new ... Read more »

Norway to ramp up Covid restrictions following infection surge

© AP People out on the streets in Oslo – AP The Norwegian government will introduce additional measures to limit the spread of Covid-19 following a recent surge of infections, ... Read more »

Zenit vs Chelsea: Prediction, kick off time, TV, live stream, team news, h2h results - Champions League

© ES Composite CLZenitChelsea21.jpg Chelsea travel to Russia to face Zenit in their final Champions League group stage match, with top spot still very much to play for. The Blues ... Read more »

Molly-Mae Hague's £60 H&M coat sell outs immediately after she wore it

Love Island’s Molly-Mae Hague continues to have a huge impact on her fans’ shopping habits and has caused an item from H&M to completely sell out. In her latest outfit ... Read more »

London bride-to-be slams Nigeria's ‘unjust' move to UK travel red list

© Provided by Evening Standard Comfort Nsek said the latest restrictions on travellers coming from Nigeria are ‘unjust’ (Comfort Nsek/PA) A bride set to be married in Nigeria this month ... Read more »

Tommy Fury pulls out of Jake Paul fight with Tyron Woodley rematch confirmed

© Getty Jake Paul (left) was set to box Tommy Fury on 18 December – Getty Tommy Fury has pulled out of his highly anticipated fight with Jake Paul later ... Read more »

New contract rules unveiled by government after fury over Covid ‘VIP lane' scandal

© PA Communities secretary Michael Gove came under close scrutiny over Covid contracts – PA Boris Johnson’s government has unveiled a series of changes to public procurement rules in a ... Read more »

OPINION - Drug raids might grab headlines but people need help, not coercion

© PA Archive A former Government adviser has said drug laws should be changed (PA) – PA Archive The government has chosen to focus early attention on its new 10-year ... Read more »

Omicron variant: What are the Covid rules in England?

© PA PA-55296565.jpg Covid restrictions in England have changed following concern about the Omicron variant. What are the new rules in England? From Tuesday, November 30, everyone is legally mandated ... Read more »

Indonesia: Mount Semeru erupts again as death toll rises to 22

© Via REUTERS Ashes and clouds spew from Mount Semeru volcano An Indonesian volcano was active again on Monday following an eruption that has killed at least 22 people and ... Read more »

Government made three critical mistakes during the ongoing vaccine rollout

South Africa has at least 13 million unused vaccines and is turning away additional shipments from the US. © Copyright (c) Daily Maverick , All Rights Reserved The government has ... Read more »

Man City XI vs RB Leipzig: Predicted lineup, confirmed team news and injury latest for Champions League game

© ES Composite ManCityPredictedXIv2.jpg Kevin De Bruyne will start for Manchester City in a heavily-rotated starting XI due to face RB Leipzig on Tuesday. Pep Guardiola has confirmed the Belgian’s ... Read more »

Prince Harry: Quitting jobs to put mental health first should be celebrated

© PA Archive Duke of Sussex The Duke of Sussex has said job resignations accelerated by the Covid-19 pandemic “aren’t all bad”, adding that people putting their mental health and ... Read more »

Union loses legal challenge over Boris Johnson backing Priti Patel amid bullying claims

© PA Archive Conservative Party Conference A union representing senior civil servants has lost a High Court challenge over Boris Johnson’s decision to back Priti Patel following accusations of bullying. ... Read more »

'I won't let my daughter, 3, eat sweets - she doesn't know what a lolly is'

© Getty Images The mum says she’s sick of people judging her parenting style A mum-of-two has said she doesn’t ever let her toddler have sweets – and insists her ... Read more »

Conservatives riled after Rittenhouse Rye tells them to stop using its whiskey to toast Kyle verdict

© YouTube/Bourbinsane rittenhouserye2.png Conservatives have been toasting Kyle Rittenhouse’s not guilty verdict with Rittenhouse Straight Rye whiskey – but now the brand has spoken out, slamming those using their product ... Read more »

This twist on a classic Austrian tart makes for an impressive centrepiece

© Chris Terry/PA Tebbutt swaps out traditional redcurrant for sweet apricot jam – Chris Terry/PA This is my take on a classic, lattice-topped tart that can be found in every ... Read more »

Marking 25 years of South Africa's constitution, HIV/Aids in Africa conference and South Africa spotlight in World Inequality report

Friday 10 December 2021, marks 25 years of our country’s constitution and Maverick Citizen will be publishing articles throughout the week commemorating the occasion with various reflections from ordinary South ... Read more »

Omicron: Masks and travel tests will be kept into New Year without MPs' vote if necessary

© PA Coronavirus – Tue Nov 30, 2021 Laws requiring mask-wearing and costly travel tests will remain in place into the New Year without a Commons vote if necessary, No ... Read more »

Choose your favourite UK theatre show of 2021

© Provided by The Guardian Photograph: Tristram Kenton/The Guardian It’s time to celebrate the best theatre shows of 2021. Which play captured your heart? Did a Zoom production connect with ... Read more »

The future of the Liberal Party—without Justin Trudeau

© Provided by Maclean’s Trudeau and the newly sworn in ministers in Ottawa on Oct. 26, 2021 (Courtesy of Alex Tétreault/PMO) Trudeau and the newly sworn in ministers in Ottawa ... Read more »

Get tested and avoid Christmas parties if you have cold symptoms, Covid expert says

© EPA Professor Tim Spector has urged the British public to take more lateral flow tests. – EPA Anyone with a cold should take regular Covid-19 tests and avoid Christmas ... Read more »

What's Next For Rob Font?

UFC Vegas 44 went down last Saturday night (Dec. 4, 2021) inside UFC Apex in Las Vegas, Nevada. Plenty of fighters were left licking their wounds after an action-packed night ... Read more »

Three in four girls have been sent sexual images via social media apps, report says

© PA Archive Code to protect children’s data and privacy online come into full effect Three in four young girls have been sent sexual images via smartphone apps, according to ... Read more »

Consumers want labels on meat and dairy products detailing animal welfare

© Getty Images/iStockphoto iStock-902847778.jpg Consumers would like to see labels on meat and dairy products in supermarkets that would indicate how the animals were reared and slaughtered, new research has ... Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic