A newly released study by Malaysian lender CIMB’s Singapore unit, in collaboration with the Nanyang Centre for Marketing and Technology, reveals that 63% of Singapore residents aged 26 to 60 aspire to achieve financial independence between 40 and 60 years of age.

For over half of respondents, however, that aspiration comes with a steep price tag, with 52% believing they’ll need more than S$1 million ( US$740,000 ) to truly be considered financially independent.

Despite this ambitious benchmark, 72% remain optimistic about reaching financial independence, which the report defines as being free from financial worries.

However, actual financial confidence lags behind, with only 43% expressing confidence in their own personal financial management skills and 39% reporting frequent anxiety about their financial future.

The highest anxiety levels were observed in the 40–50 age group, with nearly half ( 47% ) indicating they “often” or “always” feel financially anxious.

Among respondents with financial plans, or 71% of the surveyed group, just 48% claimed to have begun retirement planning. Key deterrents include other financial obligations, reliance on the city state’s Central Provident Fund, and a lack of financial literacy.

Generational split

The CIMB survey also found the generational divide to be clear. Younger Singaporeans ( under 30 ) are not only more confident, 54% rate themselves as financially competent, but also more proactive, with 60% targeting financial independence before age 40.

They’re also significantly more likely to seek financial advice ( 54% ) compared to their older counterparts ( 28–38% ).

Preferred strategies for building wealth include traditional savings, fixed deposits, stocks, and insurance. However, 39% remain uncertain about insurance’s efficacy as an investment vehicle, highlighting a gap in awareness.

Commenting on the survey’s findings and pointing out the importance of seeking personalized financial support, Raymond Tan, head of wealth management at CIMB Singapore, says:  “The journey to financial independence is deeply personal, and we are committed to helping all generations navigate it with clarity and confidence.”