Self-assessed Life-Cycle Saving Behavior in the U.S. and Singapore: Procrastination Versus Economic Shocks

It is widely believed that procrastination contributes to under-saving. Using household survey data from the United States and Singapore, we find little evidence to support this view. In both countries, indicators of procrastination have only weak, if any, explanatory power for saving regret. About half of respondents aged 60–74 expressed regret about not having saved more, but this sentiment was primarily associated with exposure to economic shocks rather than procrastination. A larger share of U.S. respondents reported saving regret, reflecting their greater exposure to adverse shocks. In contrast, Singapore’s system of mandatory saving for retirement, housing, and health expenses appears to mitigate the long-term financial impact of such shocks. However, with little opportunity for risk pooling, Singapore households still remain vulnerable to shocks. These findings highlight the importance of institutional design in risk protection over the lifecycle.