In the face of escalating economic instability that is negatively impacting the quality of life of individuals, AIA Singapore’s Live Better Study 2023 uncovers that half of Singapore consumers fall short of their holistic wellness goals. This study extensively explores five key elements of wellness: financial, physical, mental, spiritual, and socio-environmental.
Contrast Between Perception and Reality
Surprisingly, while 83% of the respondents believe in the importance of holistic wellness for a healthier and longer life, their actual achievements in this area paint a different picture. The Chief Customer and Digital Officer of AIA Singapore, Melita Teo, highlighted the increased focus on financial preparedness amidst rising living costs and economic uncertainty. However, this focus often overshadows other critical aspects of well-being, like physical and mental health, which can lead to severe health issues, stress, and burnout if neglected.
Findings from the AIA Live Better Study
The study brought forth a myriad of insights, with alarming statistics underlining the importance of a comprehensive approach towards wellness.
Health Concerns Dominate Worries
About 63% of Singaporeans are predominantly worried about health-related issues, with cancer and cardiovascular diseases ranking highest amongst concerns. Young consumers, as young as 25 years old, express significant worry about conditions such as diabetes and neurological disorders, including dementia.
Challenges of Balancing Work, Family, and Health
Adults in the 35 to 55-year age group, often juggling work and family responsibilities, report struggling with maintaining their physical fitness. Regular health screenings become a challenge due to financial constraints and time commitments.
Mental Health a Growing Concern
Over 60% of the respondents expressed concerns about mental health, with nearly 20% of individuals in the 35 to 44-year age group suffering from depression. Financial stress emerged as a primary exacerbator of mental health issues for those between 25 to 40 years of age.
Young Adults Prioritize Financial Wellness
Young adults aged 18 to 24 years are focusing on financial wellness by investing and acquiring insurance protection early in life. However, failing to regularly update their financial knowledge and track progress puts their financial wellness at risk.
The Planning Paradox
While the benefits of holistic wellness are recognized, the study exposed a lack of proactive behavior and planning to actualize this holistic well-being amongst Singaporeans.
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AIA Health360: A Comprehensive Wellness Solution
In response to these findings, AIA Singapore has launched AIA Health360, a comprehensive suite of solutions designed to address the financial, physical, and mental wellness needs of customers. As part of AIA’s global One Billion movement to help people live Healthier, Longer, Better Lives, AIA Health360 encourages consumers to:
- Plan Well with AIA’s financial planning tools, insights, and instruments.
- Protect Well with comprehensive insurance solutions.
- Be Well with a wide range of healthcare services to support customers throughout their healthcare journey.
- Live Well with AIA Vitality, the award-winning wellness programme.
More information on AIA Health360 can be found at aia.com.sg/aiahealth360.
