3 in 5 Singaporean youths lack proactiveness to fulfil financial goals: AIA study

According to a survey conducted by life insurance group AIA, one in two Singaporean consumers are far from achieving their goal of holistic wellness, which covers five key aspects – financial, physical, mental, spiritual and socio-environmental.

These figures starkly contrast the 83 per cent of survey respondents who believe that holistic wellness is integral in achieving healthier and more fulfilling 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.

Various key survey insights are as follows:

The study also found that Singaporean youths are facing troubles regarding financial planning and literacy. 

Young respondents aged between 18 to 24 are reportedly prioritising their financial wellness early in life by actively investing. Another 50 per cent of respondents in this age group are growing their investment portfolios, while 30 per cent have acquired insurance protection in the past year.

Despite having ambitious financial goals, three in five young consumers fail to constantly update their financial knowledge and track their progress regularly.

Further analysis of their goal-setting behaviour revealed a lack of proactiveness among Singaporeans in making their holistic well-being a reality.

Among Singaporeans who have not done any financial planning in the last 12 months, 40 per cent have indicated that they are unsure how to begin. 

On the other hand, respondents who have planned, cite reasons like unexpected expenses, difficulties adhering to budgets and impulsive overspending as common challenges impacting their planning goals.

While the study’s results show that Singaporeans have a higher aptitude when 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.

Among numerous other insights, the survey revealed that 63 per cent of Singaporeans find illnesses to be a key concern. Across multiple age groups, cancer ranks highest in respondents’ concerns, followed by cardiovascular diseases.

Neurological disorders like dementia are also among the greatest health concerns of respondents as young as 25 years old.

More than three in five Singaporeans surveyed also expressed concern over mental health issues.

Respondents within the 25 to 40 age range further expressed that financial concerns are the main factor in exacerbating mental health issues.

Melita Teo, the chief customer and digital officer of AIA Singapore, says, “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.”