SINGAPORE: While it may be a stereotype that Asians are more willing to take care of their family members in old age, in Singapore it appears to more true than ever, after a recent study of five Asian countries put the island county at the top of the list as the most filial nation. Compared to the citizens of five other Asian territories, Singaporeans place more emphasis on taking care of their retired parents, according to a survey published by Centre for Strategic and International Studies (CSIS) and insurance company Prudential. It reported that nearly one in four people, 22 percent, polled said that they believe family members should be responsible for providing the elderly with income after the latter retire. That compares favourably to 12 percent of respondents in Hong Kong and only four percent in China. The survey results were released on Tuesday. The study went on to report that around 40 percent of those polled said the elderly “should rely on their own savings,” while 32 percent said that the government “should take primary responsibility.” CSIS director Richard Jackson, in a statement commenting on the report, warned against being too reliant on one's kids after retirement. “Couples are having fewer children, and this would increase the burden on each child,” he said. “While people here are saving, they are not saving enough,” he said in reference to when the elderly retire. “You have to save massively to keep pace with your income and the cost of living. That's compounded by relatively low rates of returns on savings, which make it very hard to accumulate assets.”
