AIA Singapore released the findings from its AIA Live Better Study 2023¹, 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, spiritual² 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.

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

Key survey results

Amongst numerous other insights, the survey brought the following statistics to light:

Illnesses are the key concern for 63% of Singaporeans. This comes as no surprise, given the well-known issues of Singapore’s rising cost of living, particularly in healthcare. 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.

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. As a result, 47% of this age group feel that their physical fitness level is not up to par, and 56% 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% 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.

Young consumers aged 18 to 24 years old are prioritising their financial wellness early in life by actively investing. 50% of respondents in this age group are growing their investment portfolios, while 30% 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.

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
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.

Addressing these needs

In line with AIA’s One Billion movement across all its markets of engaging one billion people to live Healthier, Longer, Better Lives, 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.

More information on AIA Health360 may be found at aia.com.sg/aiahealth360.

References:

¹ AIA Live Better Study 2023 was conducted from November 2022 with more than 500 Singapore consumers each quarter, from aged 18 to 55+.
² The ability to be in tune with oneself, in terms of sense of purpose, meaning in life, morals and ethics.

Images: AIA Singapore and Envato