Singapore, 25 September 2024 – The AIA Live Better Study 2024 has unveiled critical insights into the wellness landscape of Singapore, with findings showing that mental health has emerged as a top priority for many Singaporeans. Despite a slight increase in awareness, the overall wellbeing of Singaporeans hasn’t significantly improved, maintaining a score of 61.5 on the Holistic Wellness Index.
Mental Health as a Key Pillar of Wellness
According to the study, mental wellness is increasingly recognized as a crucial element of holistic wellness, with around 1 in 2 (51%) Singaporeans now prioritizing their mental well-being more than they did before the pandemic. This rising awareness signals the need for more substantial mental health support and resources in Singapore, aligning with the government’s national agenda to make mental health a priority.
Irma Hadikusuma, Chief Marketing and Proposition Officer at AIA Singapore, shared, “At AIA Singapore, we understand that holistic wellness is a journey, not a destination. It’s about nurturing a holistic approach to well-being — physical, mental, financial, social and spiritual. In Singapore, the challenges of an imperfect state of wellness are reflected in the daily struggles faced by many, from managing stress to grappling with the rising cost of living. These pressures affect not just individual well-being but the broader happiness index of our nation.”
Barriers to Mental Health Support
The study revealed that 3 in 5 (59%) Singaporeans feel they require more resources or support for mental wellness. Affordability (66%), accessibility (53%), and workplace initiatives (51%) were identified as essential factors needed to address mental health challenges. This highlights a significant opportunity for both the government and private sector to take action.
As the first insurer in Singapore to provide mental health coverage through its AIA Beyond Critical Care insurance plan, AIA Singapore continues to lead the way in this area. Their partnership with WhiteCoat to launch “Think Well,” the region’s first end-to-end digital mental health solution, is another step toward addressing this growing concern.
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Stigma Remains a Challenge
Approximately 6 in 10 (58%) Singaporeans still perceive a stigma around mental health, with Gen Z feeling this most acutely at 73%. Moreover, many are reluctant to seek professional help due to the high cost (42%) and the belief that their mental health doesn’t require professional support (32%). Teleconsultation is emerging as a popular alternative, with nearly half (47%) of respondents indicating a high likelihood of using this service, especially for its convenience and quick access.
Financial Wellness: A Need for Greater Action
While financial wellness remains a critical goal for many Singaporeans, the journey toward achieving it has proven challenging. The study reveals that almost 70% are struggling to reach their financial goals, and only 55% are actively taking steps toward financial planning. Despite having emergency funds, only 29% have saved enough to meet AIA Singapore’s recommended six to twelve months’ worth of expenses.
To bridge this gap, AIA Singapore offers digital financial planning tools and resources to empower Singaporeans with financial knowledge, ensuring they stay on track in achieving their long-term goals.
Physical Wellness and Health Screenings
Physical wellness remains a priority, with 60% of Singaporeans rating themselves highly on their fitness levels. However, while more than 80% are aware of the importance of regular health screenings, only about half (56%) are committed to undergoing them. AIA Singapore encourages proactive health management through its award-winning AIA Vitality program, which has helped members make significant improvements since its launch in 2013.
