Singaporeans Choose Travel Over Retirement Savings—Is It Fair?
The Numbers Behind the Trend
I’ll admit it—I’m a bit of an oddity among my friends. My wanderlust levels are so low, I joke that what little there is of the traveller heart in me needs CPR just to get me to book a flight. I don’t have a bucket list. And my long December leave? No getaway, just downtime in Singapore.
One glance at my team’s leave calendar and I already feel like the last person standing in the office. “JH in Jeju.” “KC in Hong Kong.” It’s almost a travel itinerary in itself. Everyone’s going somewhere these days—and not just once a year. The numbers back that up. 57% of Singaporeans now prioritise travel, just edging past 56% who want to buy a home, while only 31% say retirement is a top priority. Another 40% put travel above other financial goals, and 74% plan to take as many or more trips next year. Clearly, travel isn’t just a treat anymore—it’s become a lifestyle line item.
Why Singaporeans Are Prioritising Travel Over Retirement
Travel offers value in ways retirement planning doesn’t feel like it does—at least not yet. The payoff is immediate. Booking a trip is like ordering your favourite hawker dish—you pay and enjoy it right away. Retirement, on the other hand, is a stew that takes decades to simmer. When gratification feels that far off, it’s easy to put it on the back burner.
The cost feels more manageable. A $2,000 trip to Japan feels possible; saving $200,000 for retirement doesn’t. In behavioural finance, this is “goal distance”—the nearer the goal feels, the easier it is to act on. Travel offers a sense of reward that long-term goals can’t replicate.
It’s how we take care of ourselves. After years of work stress and burnout, travel feels like therapy. Even for me, staying put in Singapore, I get it. I play fingerstyle guitar and take dance classes—my way of finding the same non-material fulfilment. Whether it’s a flight to Seoul or an hour in a studio, we’re all seeking moments that remind us life isn’t just about efficiency, but enrichment.
Social validation plays a real role. Let’s be honest—travel is social currency. A photo in Santorini racks up likes and “so jealous” comments within minutes. Meanwhile, the quiet satisfaction of topping up your CPF sits unseen in a government portal. We live in a world that rewards visible happiness, not quiet prudence—and travel, more than anything, looks good in public.
It offers control in uncertain times. If I told you in 2024 that by 2025, Justin Trudeau’s son would launch an R&B career, Donald Trump would demolish the East Wing of the White House, and the Crown Jewels would be stolen from the Louvre in a 4-minute daylight heist, would you have believed me? Probably not. Yet somehow, all of that happened. The world feels unpredictable—job markets shift, housing costs rise, inflation eats away at savings. Nothing seems stable for long. Maybe that’s why travel feels comforting: it’s one thing you can plan, pay for, and complete. You can’t control the economy, but you can choose to go somewhere new.
But Here’s What We Risk When We Put Travel First
The opportunity cost adds up. Earlier this year, my partner and I planned a trip to Japan—but after looking at costs, we settled for Malaysia instead. I put the unspent money into bonds. Not glamorous, but steady and quietly satisfying. That choice made me realise how easy it is for travel to quietly replace savings. A few thousand dollars spent today is a few thousand that won’t grow for my future self.
We lose years without realising it. Money spent on travel is money that does not go into savings and investments. Sure, you might tell yourself “I’ll start investing next week” and book that trip anyway, but next week can quickly turn into next month, next year, and so on. Investing isn’t about entering at the best moment, but about starting as soon as you can because compounding is powerful—but only if you give it time. For me, I only started investing part of my CPF recently, and sometimes I wish I’d begun earlier. I’d probably have fewer worries about affording a BTO flat today if I had.
Short-term joy, long-term hangover. I’ve felt that post-holiday sting—the joy fading as the credit card bill lands and you realise those 3 weeks in Spain made a serious dent in your bank account. It’s a reminder that lasting peace of mind comes not from spending, but from security.
Finding Balance: How to Travel and Stay Financially Grounded
I’m not someone who loves to travel—but maybe that gives me clarity. When you’re not swept up in wanderlust, it’s easier to see what makes travel worth it financially and emotionally.
Budget smartly. My partner and I save in different pots for specific goals, such as money for our future home and savings for our fur kids. I think of it as budgeting for long-term happiness first, then seeing what’s left for travel. That way, we never spend what we can’t afford.
Match it. One rule I try to hold myself to: For every $1 spent on travel, I try to save at least 50 cents for long-term goals. I don’t think about it as saving out of guilt, but about balance.
Reflect before you book. Before hitting “confirm,” I ask myself why I’m going. The best trips, I’ve realised, align with your values, not your feed. For example, everyone’s flying to Korea these days for Korean food, Kpop or K-beauty, but I know myself—I’d rather save for scenery and stillness in Tasmania or New Zealand. Meaning doesn’t come from the destination; it comes from intention.
Conclusion
I don’t think there’s anything wrong with wanting to see the world. But I also believe the version of myself I’ll meet in 30 years deserves as much attention as the one booking flights today. Travel gives us stories to tell; savings give us security to live them without fear. Maybe the goal isn’t to travel less, but to travel with purpose—to make choices that enrich both the moment and the years ahead. The best kind of freedom isn’t found in a boarding pass, but comes from knowing you’re building a life that still feels good when the trip is over.
