Insights + interviews
Singaporeans Weigh In on Health vs. Wealth
In a society where the drive to accumulate wealth is strong, a recent poll commissioned by Prudential Singapore reveals a surprising trend: Singaporeans are prioritising health over wealth.
The May 2024 survey, which included 1,000 residents aged 20 to 65, looks at the values placed on financial success versus maintaining good health.
Health Over Wealth: The Majority Speaks
When asked to choose between wealth and health, only 15 percent of respondents prioritised wealth. Among these, 64 percent believe that money can solve most problems, including health issues, and 58 percent see it as a means to provide financial security for themselves and their loved ones.
Conversely, a significant 85 percent of respondents value good health more highly. For this group, 61 percent view well-being as the foundation for pursuing other life goals, and they recognise that health, unlike wealth, is harder to regain once lost.
Singaporeans know that health matters, but the real test is whether this awareness leads to tangible changes in their attitudes and actions towards health. Some people, who think it is easy to stay healthy, might put off important steps for their well-being to focus on building wealth, which they find more challenging. But the truth is, staying healthy is a lifelong commitment that involves making consistent, healthy choices.
Professor Teo Yik Ying, Dean of the Saw Swee Hock School of Public Health at the National University of Singapore
The Perceived Ease of Achieving Health
Interestingly, nearly two-thirds (63 percent) of those surveyed believe that achieving good health is easier than accumulating wealth. They attribute this to the controllability of health through personal actions like diet and exercise, compared to wealth, which is influenced by external factors such as the economy and job market.
However, those who find wealth easier to achieve are often swayed by the allure of quick returns (53 percent) and the perception that it requires less effort (51 percent).
We want to raise awareness that it is just as important to have a lifelong fitness plan as it is to have a long-term financial plan. Our ability to fund our retirement and future medical needs are very much tied to the actions we take today to achieve health and financial stability. It takes effort but it’s worth it in the long run. Start planning early, engage professional advice for your medical coverage and financial needs, and spend time on self-care. That way, you can enjoy a fulfilling life with good health and sufficient funds to smell the roses.
Mr Jeff Ang, CEO of Prudential Financial Advisers Singapore, emphasised the importance of balancing both health and wealth
Striving for Balance: Health and Wealth
The survey also highlighted that 77 percent of Singaporeans believe they can achieve both health and wealth with a structured plan. Support from employers, the government, and insurance providers is seen as crucial in this endeavour.
Flexible working hours, adaptable benefits packages, and financial incentives for healthy habits are among the top desires.
Employers play a big role in supporting employees’ holistic well-being, whether it is physical, mental or financial health. We’ve moved beyond the productivity conversation to creating workplaces where people feel empowered to take charge of their well-being. Having flexible working arrangements and benefit packages are essential to building a healthier and sustainable workforce.
Professor Teo noted the role of employers in supporting holistic well-being.
Prudential Singapore is leading by example with its flexible working arrangements and the PRUAnywhere programme, which offers employees access to alternative workspaces across Singapore.
Data tables attributed to Prudential Singapore. Cover Photo by Geert Pieters on Unsplash.
