Malaysia’s recent Ageing Nation Agenda highlights a growing issue that many countries, including Singapore, are facing. People are living longer, but not many have enough savings or plans for their later years. This creates a heavy burden for the next generation, who find themselves juggling the needs of their own children while also caring for their aging parents.
Siti Zaharah Mat’s story, featured in CNA’s latest article IN FOCUS: Is it too late to defuse the ‘ticking time bomb’ of Malaysia’s fast-ageing population?, is a powerful example of the challenges many are facing today. As a lawyer, she has a stable career, but balancing her job with full-time caregiving for her elderly mother has placed a heavy strain on her. To keep up with household expenses, medical bills, and loan payments, she has taken on a second job selling insurance, doing everything she can to manage both financial responsibilities and family duties.
Caring for her mother has taken a toll on her social life and added to her daily stress. Like many in their 40s and 50s, she is caught in the tough balancing act of providing for her family while trying to manage her own well-being. Her story is one that resonates with many of us navigating the same challenges.
The burden of inadequate financial and life planning often lands on the next generation, creating the “Sandwich Generation” phenomenon – people caught in the middle, juggling the needs of their growing children while also caring for their aging parents. Stretched thin emotionally, physically, and financially, our do their best to support their loved ones while trying to keep their own lives on track.
This raises a crucial question: Who actually plans better – Boomers or Millennials? And more importantly, how can we break this cycle so that the next generation isn’t left scrambling? How can we make sure future generations are not caught in the same situation?
Boomers: The Silent Planners or the Procrastinators?
Boomers grew up in a time when jobs were stable and pensions were common. Many thought they would retire comfortably. But things have changed. Many Boomers did not factor in longevity. Life expectancy has risen, and many are outliving their savings. Some assumed their children would take care of them, assuming their children will step in as caregivers, a notion that is no longer feasible for younger generations who face rising costs and dual-income households.
Some Boomers see talking about retirement, health, and long-term care as taboo. Talking about money, retirement, and caregiving is still uncomfortable for many, leading to last-minute decisions or no planning at all.
Millennials: Financially Savvy, But Struggling Against Bigger Challenges
Millennials have a different problem, they understand the importance of planning but face systemic challenges:
- Gig economy, no pensions: Many work in contract or freelance jobs with no employer retirement benefits, they don’t have job security or employer-backed retirement plans.
- High cost of living: Housing, education, and healthcare costs have skyrocketed.
- Information overload: Unlike Boomers, Millennials have access to an overwhelming amount of financial advice, making it hard to know what truly works.
They are more open to talking about money, Ikigai (life purpose), and long-term thinking, but many still put it off because they feel overwhelmed.
The Real Problem: Not Planning Early Enough
The real issue isn’t about which generation is better at planning – it’s about the lack of structured, future-focused thinking in both generations. Siti Zaharah’s story reflects the reality faced by many in the sandwich generation. Despite having a good job, she, like many of us, is navigating financial stress, working extra hours, and juggling caregiving responsibilities. Yet, she is making a huge effort to manage the situation and provide the best care for her mother.
People are living longer, but not all of us are ready: financially or emotionally, for what comes next.
More and more, caregiving falls on family members who may not have the time, money, or support to handle it. Governments are trying to put solutions in place, but the truth is, we all need to take charge of our own future. Without early planning, we risk working even harder just to stay afloat. While policies can help, aging is something we each have to prepare for. It’s not just about money. It’s about having the liberty to live life on your own terms without relying too much on others.
This is where structured Ikigai coaching, life design, and play-based methodologies like the KoPlay Method™ can bridge the gap.
Why Singapore Needs More ‘Ikigai Conversations’ Before It’s Too Late
Singapore is aging faster than Malaysia. By 2030, 1 in 4 Singaporeans will be over 65. Many in their 40s and 50s put off thinking about retirement and long-term care because they are too focused on dealing with the present:
- “I’ll figure it out later.”
- “My kids will handle it.”
- “I’m not ready to think about retirement yet.”
This mindset leads to stress, financial strain, and regret down the road. The time to plan isn’t when you hit retirement – IT IS NOW!
Experts have pointed out, this needs to be taught early. If people understand the impact of aging earlier in life, they can take action sooner.
How the KoPlay Method™ Can Help Professionals in Their 40s and 50s
Planning for the future does not have to be difficult. Our KoPlay Method™ helps by combining Ikigai coaching, LEGO Serious Play, and life planning strategies.
Here’s how it works:
🔹 Mapping Your Ikigai: Helping professionals align work, personal aspirations, and future security.
🔹 Using Play to Unlock New Perspectives: Using LEGO Serious Play to help people think about their future in a creative way.
🔹 Life Design for Retirement & Caregiving: Creating a step-by-step plan for retirement, caregiving, and personal goals.
Final Thought: The Choice to Plan is Yours
Whether you’re a Boomer hesitant to talk about the future or a Millennial struggling with financial uncertainty, the key takeaway is this:
🚀 Start the conversation now.
The best way to break the cycle of poor planning is to actively design your future, before circumstances force you into reactive decision-making. Whether you are in your 30s, 40s, or 50s, the earlier you take control, the more freedom and security you will have later.
Through KoPlay’s structured coaching and workshops, you can take control of your retirement, caregiving responsibilities, and overall life direction.
🔻 Ready to take the first step? Let’s talk about your Ikigai and future planning.
📩 Email me at david@saltnpepper.sg for a KoPlay Discovery Session.
Credit: Insights from CNA’s ‘IN FOCUS: Is it too late to defuse the ‘ticking time bomb’ of Malaysia’s fast-ageing population?’ helped shape this discussion on aging, planning, and intergenerational responsibilities.