Only half of Singaporeans feel content
One in two Singaporeans feels content with life, according to a survey commissioned by AXA Insurance. What’s more, finances appear to be the biggest challenge that prevents people from achieving their life goals. The AXA Better Life Index was created to assess the path Singaporeans are taking to have a “better life”. In this Pacific Prime Singapore article, we’ll discuss the results of the survey, and offer advice on ways to feel more content.
AXA Better Life Index 2019
Based on the results of the Better Life Index 2019 survey, about four in 10 Singaporeans do not currently feel satisfied with their lives. In addition, five in 10 are not happy about their progress in terms of achieving short- and long-term goals.
The survey results showed that the highest scores on the index belong to millennials. Scoring 54.8, millennials appeared to be the most driven when it comes to achieving their goals in life. They were also the most optimistic out of all generations in accomplishing the goals they have created for themselves. The lowest score belonged to baby boomers, who scored 46.4.
Generally speaking, respondents fell within the “fair” range by scoring 50.4. AXA said that the results indicated that Singaporeans still have some way to go between where they are now and where they want to be.
For the Better Life Index 2019, marketing research firm Nielsen was commissioned by AXA to survey just over 1,000 Singaporeans. Consisting of 1,008 Singaporeans to be exact, the survey included baby boomer, Gex X, millennial, and Gen Z groups. It took place in June of 2019.
The Better Life Index is made up of three components, including achievement, empowerment, and realization.
Achievement
Respondents were asked to rate their level of satisfaction in terms of progressing towards their goals. The survey found that 41 percent of respondents were not satisfied with their lives at present. Just half of the respondents felt content in their relationships, achievements, and other parts of life.
In comparison to the components, the overall score for achievement was the lowest. Respondents for this component ranked at 45.0, falling in the “fair” range. The results pointed out the pressing need for Singaporeans to take the necessary steps towards achieving their goals and feeling content with their achievements.
Empowerment
For this component, respondents had to answer whether they felt they had the capability of achieving their so-called “better life”. They were also asked what struggles they encountered while trying to reach their goals.
Both short- and long-term goals related to wealth ranked highly across all four generations. Finances seemed to be the biggest obstacle for Singaporeans in attaining their life goals and purpose, which applied to all generations.
The growing cost of living and not being able to put enough savings away were the main obstacles that respondents listed as in the way of their short- and long-term goals. Yet again falling in the “fair” range”, the score for the empowerment component stood at 47.8.
With a score of 52.5, millennials had the highest score across the age groups. Baby boomers’ score of 43.4 was the lowest, pointing out that this age group requires the most support in achieving their goals.
Realization
Respondents under the realization component were asked to distinguish their life’s purpose and if they had any short- and long-term goals to accomplish them. 70% of the respondents hoped to have a happy family, live in good health, and achieve financial freedom.
With an overall index score of 58.5, this component fell under the “good” range. Millennials scored 63.8, placing them at the top. Likewise, the score showed that this age group had the greatest awareness of their purpose in life and goals among all generations.
What makes a “better life”?
In an attempt to better understand the four generations, respondents were also asked to describe a “better life”. For the most part, the survey found that Singaporeans defined a “better life” as one with financial freedom, health, and daily expenditure. Other aspects included personal happiness and having a happy family.
How financial wellness programs can help
Stress and worries related to finances and money management can have a significant impact on a person’s wellbeing and productivity. As an employer, implementing a financial wellness program to help alleviate some of the financial burdens that employees face is an excellent place to start.
Empowering employees to understand and learn to manage their finances helps both parties. By giving them the tools and practices to do just that, employees will have lower levels of financial stress, spend less time worrying about personal money issues, and be happier overall. Including financial wellbeing in employee benefits makes everyone a winner.
Need advice for employee benefits in Singapore?
Finding the best employee benefits solutions, which can include financial wellness programs, that are ideal for your employees and budget can be a daunting task. Luckily, Pacific Prime Singapore can help take the stress away. Our team of experts can give you impartial advice along with free, no-obligation comparisons of various employee benefits solutions.
Contact us today to find out more about our customized employee benefits solutions, financial wellness programs, corporate insurance in Singapore, and more.
Jantra curates and reports on the results of Pacific Prime’s monthly newsletters, as well as manages Pacific Prime’s Deputy Global CEO’s LinkedIn posts. Complemented by her background in business writing, Jantra’s passion for health, insurance, and employee benefits helps her create engaging content - no matter how complex the subject is.
Growing up as a third-culture kid has given her a multicultural perspective that helps her relate to expats and their families while 8 years of working remotely have given her unique insight into hybrid work arrangements and enthusiasm for employee benefits.
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