Health x Wellness

Singaporeans concerned over increasing daily and healthcare costs

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64 percent of Singapore respondents say that rising inflation is making it too expensive to stay healthy.

Cigna Healthcare has shared a report titled Staying Well amidst the Cost-Of-Living Crisis.

The report found that inflation and the economy is the top concern for close to half of Singapore respondents (47 percent), well above the global average of 37 percent. The next biggest concerns are unemployment (14 percent) and healthcare (12 percent).

Through the report, Singaporeans shared about their urgent concerns including the increasing costs of day-to-day items such as food and essentials, restaurant bills, energy, fuel and utilities. However, they found that fewer respondents are expecting the cost to continue to increase over the next 3 months.

Instead, almost half of respondents (48 percent) are expecting a cost increase in the next three months while 40 percent saw an increase in the previous period. There is an overall lack of confidence exhibited by Singaporeans in their ability to meet their own or their family’s medical needs, with 55 percent sharing a “fair” rating and 17 percent sharing a “poor” rating.

Aside from expecting costlier healthcare, a considerable proportion of Singaporeans are facing difficulties accessing quality care. 33 percent reported difficulty in getting a fast appointment with a doctor when they are sick. Further, one in five (22 percnet) found it challenging to get care at night and during weekends or holidays. When it comes to the experience of medical care, one in five (22 percent) said it was challenging to find a healthcare practitioner they can trust.

Inflation and the cost-of-living crisis are affecting multiple aspects of people’s lives and Singaporeans feel these effects keenly living in one of the most expensive cities in the world. Employers need to recognise the strain on mental health that this situation is having and consider the types of support that can be made available, whether in the form of comprehensive health benefits or more empathetic workplace arrangements to help employees cope with challenges in various areas of their lives.

Raymond Ng, CEO & Country Manager, Cigna Healthcare Singapore & Australia

This has impacted Singaporean’s well-being with only 27 percent of respondents in Singapore describe their current financial situation as “good”, with 73% saying it is “fair” or “poor”.

Singaporeans rated financial well-being as their poorest area of well-being amongst other areas including family, physical, social, spiritual and workplace.

Images credit to Cigna Healthcare. The full report can be found at this link.