Are You Hiring?
Find candidates in 72 Hours with 5+ million talents in Maukerja Malaysia & Ricebowl using Instant Job Ads.
Hire Now
For many people, having an early and safe retirement is a dream, and a tiny but rising number of individuals are working to make that goal a reality. The FIRE movement, which stands for Financial Independence, Retire Early, is all about cutting costs and diversifying income streams in order to achieve early financial independence.
The findings of Milieu Insight's 'Financial Independent, Retire Early' survey were released with the goal of determining how popular the FIRE movement is among Southeast Asians and the efforts they are taking to attain their goal. In May 2022, 1500 employed respondents, ages 18 to 49, from Thailand, Singapore, Malaysia, Indonesia, and the Philippines participated in the poll.
Do Southeast Asians wish to retire early?
The majority of respondents (62%) intend to retire in their 50s or 60s; Indonesians, on the other hand, are more likely to retire earlier, with only 52% planning to retire in their 50s or 60s.
Early retirement (defined as retiring before the age of 50) is possible for 60% of respondents. Still, just 14% believe they are on track to do so. Singaporeans are the most pessimistic about their ability to do so, with only 9% saying they are on track.
_Article_Charts_1HD.jpg)
Source: Milieu Insight
Taking steps to retire early
-
Regular saving (71%) is the most popular approach for early retirement, followed by "being careful with how I spend my money" (63%) and "investing" (63 per cent).
-
Finding supplementary employment as part of a strategy to retire early is far less common (37 per cent), but Thais are more likely to do so (54 per cent)
-
Singaporeans (56%) and Filipinos (56%) are likewise more likely to invest in insurance, which is one type of investment (53 per cent)
_Article_Charts_2HD.jpg)
Source: Milieu Insight
A glance at the most prevalent early retirement strategies: Investing and saving
Forty-three per cent of individuals who routinely save for early retirement do so with more than 20% of their income.
Sixty-six per cent of individuals who invest say they spend more than 20 per cent of their income on investments.
The following are the most prevalent investment types:
-
Funds for investment (56 per cent)
-
Investing in stocks (53 per cent)
-
Investing in real estate (52 per cent)
Cryptocurrency and NFTs, which are gaining traction but have yet to reach mainstream investing due to their volatility, receive 41% of the vote, with Thailand (57%) and the Philippines (51%) leading the way (54 per cent)
Methodology
Based on Milieu Insight polls performed in May 2022 with 1500 employed respondents aged 18-49 from Thailand, Singapore, Malaysia, Indonesia, and the Philippines.