Like most developed countries, Singapore’s Baby Boomers are now heading towards their retirement and this will be a big bonus to our community. Baby Boomers are able to give more of their time and money once they retire. Today’s Baby Boomers in Singapore are blessed with better education, more savings, political stability and one of the best healthcare system in the region. All this results in the Baby Boomers heading into their retirement years in better shape than their preceding generation – with greater wealth, health and longevity. And this is good news for charities in Singapore as many retirees believe that their silver years is the best time for them to give back to society.
- If a Baby Boomer retires in Singapore at 65-years-old, he/she will have approximately another 20-years of healthy life span. Given their level of education and experience, this means that the Baby Boomer generation as a whole will likely be able to give back millions of volunteer hours. Singapore has always encouraged seniors to volunteer their time to support whatever charitable causes that they have passion for. Many are beginning to take an active role in their neighborhood by volunteering at community centers. We will likely see Baby Boomer playing a very significant role in transforming volunteerism over the next decade.
- In many parts of the world, the Baby Boomer generation is also becoming one of the most generous generation in terms of charitable giving. While we have limited data in Singapore, we are seeing lots of evidence that many retirees are keen to donate to charities. While retirees need their savings to fund their retirement years, they are also motivated to help out the less fortunate along the way by donating whatever they can afford. We also notice that more seniors in Singapore are considering legacy giving to their favorite causes in addition to leaving something behind for their loved ones when they pass on.
- The retiring Baby Boomers are also more skilled and educated today than generations past — and can pass on these experiences to the next generation. Whether they can teach part time or volunteer to coach, their experience and skill can make a very big difference. Qualified retirees can also play a major role in transforming the charity landscape in Singapore. Retirees that have corporate management experience are critically required on boards of charities to improve governance and efficiency.
Another aspect of giving back that cannot be overlooked is the act of giving often itself transforms the quality of the donor’s retirement. Giving tends to give back to the donor through a sense of belonging, purpose and happiness. If Singapore can tug at the heart strings of Baby Boomers, it will clearly be a win-win for everyone.