Health x Wellness
Singapore consumers are unable to live their desired quality of life
AIA Live Better Study 2023 reveals worrying huge gaps in Singapore consumers’ well-being and happiness, leading to a lower quality of life.
Due to mounting economic uncertainties, at least 50 percent of Singapore consumers that participated in the study shared that they are far from achieving their goal of holistic wellness, which cuts across five key aspects – financial, physical, mental, spiritual and socio-environmental. This is due to mounting economic uncertainties.
While unable to achieve their holistic wellness goals, 83 percent of respondents believe that holistic wellness is the key to help them achieve healthier, longer, better lives.
A deeper look into consumers’ goal-setting behaviour revealed a lack of proactiveness amongst Singaporeans in making their holistic well-being a reality.
Amongst Singapore consumers who have not done any financial planning in the last 12 months, 40 percent have indicated that they are unsure in how go about it. Those who have planned, on the other hand, cite the following challenges that most commonly impact their planning goals:
- 33% face unexpected expenses that have not been budgeted for
- 26% struggle to adhere to their budgets consistently
- 25% make impulsive purchases, leading to overspending
The study’s results also show that Singapore consumers are slightly better at planning for their financials such as in setting goals for financial wellness. However, respondents have also revealed that they have lesser knowledge, interest, and motivation in planning physical, mental, and socio-environmental wellness goals, placing relatively lower priorities on non-financial aspects of wellness.
As Singapore’s cost of living continues to rise and economic uncertainties persist, we have become increasingly focused on being financially prepared for the long term. This focus on financial wellness should not come at the expense of neglecting other aspects of our well-being, such as physical and mental health. Doing so can cause repercussions on an individual’s overall health and happiness, and can even lead to chronic illnesses, stress, and burnout. To live healthier, longer, better lives, it is crucial that we start taking a more holistic approach to managing our well-being.
Melita Teo, Chief Customer and Digital Officer of AIA Singapore
The survey found out:
- Illnesses are the key concern for 63 percent of Singapore consumers. Cancer ranks highest in respondents’ concerns, cutting across multiple age groups, followed by Cardiovascular diseases, Bone/joint/muscle problems, Diabetes, and Neurological disorders like dementia, which consumers as young as 25 years old are already greatly concerned about.
- The 35 to 55-year-old age group are finding themselves struggling with work, family obligations, and a lack of motivation. As a result, 47 percent of this age group feel that their physical fitness level is not up to par, and 56 percent find it challenging to achieve physical wellness. In general, consumers find regular health screenings challenging, due to the necessary financial and time investments needed to do so.
- More than 3 in 5 Singaporean consumers surveyed also expressed concern over mental health issues. Within the 35 to 44-year-old age group, almost 20 percent have reported that they are currently suffering from depression. Respondents within the 25 to 40-year-old age range further expressed that financial concerns are the main factor in exacerbating mental health issues.
- Consumers aged 18 to 24 years old are prioritising their financial wellness early in life by actively investing. 50 percent of respondents in this age group are growing their investment portfolios, while 30 percent have acquired insurance protection in the past year.
- Despite having ambitious financial goals, 3 in 5 young consumers fail to constantly update their financial knowledge and track their progress regularly, putting them at risk of not being able to achieve their goals, which will in turn negatively impact their financial well-being.
Infographic provided by AIA Singapore. AIA Singapore has launched AIA Health360, a comprehensive suite of solutions that, in totality, will serve to address the financial, physical, and mental wellness needs of customers, offering all-rounded care and protection for every major facet of wellness.
