AIA Singapore has released findings from its AIA Live Better Study 2023, revealing that against mounting economic uncertainties, which have taken a toll on individuals' overall quality of life, 1 in 2 Singapore consumers acknowledge that they are far from achieving their goal of holistic wellness, which cuts across five key aspects - financial, physical, mental, spiritual and socio-environmental.
These figures starkly contrast the 83% of survey respondents who believe that holistic wellness is the key to help them achieve healthier, longer, better lives.
The AIA Live Better Study 2023, investigated the current state of wellness, goal-setting behaviour, commitment, confidence, and progress within each key facet of wellness.
Ms Melita Teo, Chief Customer and Digital Officer of AIA Singapore, said, “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.”
Key survey results
Amongst numerous other insights, the survey brought the following statistics to light:
- Illnesses are the key concern for 63% of Singaporeans;
- Adults between 35 to 55-year-old age group, many of whom are married with children, find themselves struggling with work, family obligations, and a lack of motivation;
- More than 3 in 5 Singaporean consumers surveyed expressed concern over mental health issues;
- Young consumers aged 18 to 24 years old are prioritising their financial wellness early in life by actively investing; and
- 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.
A distinct lack of planning
While respondents across the board show awareness that holistic wellness brings about a happier and more fulfilling life, a deeper look into their 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% 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; and
- 25% make impulsive purchases, leading to overspending.
While the study’s results show that Singapore consumers have a higher aptitude on being slightly better at planning for their financials such as in setting goals for financial wellness, respondents have 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.