SINGAPORE - Media OutReach Newswire - 2 September 2024 - The motivation to grow our wealth to prepare for the future is deeply engrained in many Singaporeans, yet does this same tenacity extend to preserving our health for our golden years? Afterall, what is wealth without good health? This question was explored in a recent May 2024 poll1 commissioned by Prudential Singapore.
One thousand Singapore residents, aged 20 to 65, were surveyed about how much they value financial success versus staying healthy.
Surprisingly, when asked to choose between the two, less than one in five Singaporeans said they prioritise wealth over good health. Among those who do, 64 per cent believe that money solves most problems, including health issues, and 58 per cent say it provides financial security for them and their loved ones.
On the flipside, the majority, or more than four in five respondents, see good health as more important than wealth (85 per cent). Among this group, 61 per cent view well-being as the foundation for pursuing other life goals. They also recognise that unlike wealth, health is tougher to improve once it worsens (61 per cent).
Good health considered more easily within reach than wealth
Close to two-thirds of the Singaporeans surveyed also said that achieving good health is easier than wealth (63 per cent). They view health as more controllable through personal actions like diet and exercise, while wealth depends on external factors such as the economy and job market (76 per cent).
Meanwhile, those who think achieving wealth is easier are tempted by the promise of quick returns (53 per cent) and the belief that it takes less effort (51 per cent).
Mr Jeff Ang, CEO of Prudential Financial Advisers Singapore*, said: "We want to raise awareness that it is just as important to have a lifelong fitness plan as it is to have a long-term financial plan. Our ability to fund our retirement and future medical needs are very much tied to the actions we take today to achieve health and financial stability. It takes effort but it's worth it in the long run. Start planning early, engage professional advice for your medical coverage and financial needs, and spend time on self-care. That way, you can enjoy a fulfilling life with good health and sufficient funds to smell the roses."
Although it is good news that most respondents see good health as a more attainable goal than wealth, Professor Teo Yik Ying, Dean of Saw Swee Hock School of Public Health at the National University of Singapore, offers a different perspective.
"Singaporeans know that health matters, but the real test is whether this awareness leads to tangible changes in their attitudes and actions towards health. Some people, who think it is easy to stay healthy, might put off important steps for their well-being to focus on building wealth, which they find more challenging. But the truth is, staying healthy is a lifelong commitment that involves making consistent, healthy choices," said Professor Teo.
Can we achieve the best of both worlds?
Most Singaporeans can agree it is not a binary choice between health and wealth. Some 77 per cent of respondents believe they can achieve both if they have a structured plan in place (61 per cent), and that success in one area will lead to victory in the other (56 per cent).
Beyond their own personal efforts, the respondents recognised the importance of support from key stakeholders to help them achieve the best of both worlds.
- Employers: 72 per cent seek flexible working hours and 60 per cent desire a flexible staff benefits package to better manage their wealth and health
- Government: 60 per cent hope the government can implement policies to encourage a balance between work and health in the workplace
- Insurance providers: 53 per cent appreciate financial incentives for achieving healthy habits, as well as flexible health coverage options
Commenting on how bosses and businesses can benefit from focusing on their employees' well-being, Professor Teo said: "Employers play a big role in supporting employees' holistic well-being, whether it is physical, mental or financial health. We've moved beyond the productivity conversation to creating workplaces where people feel empowered to take charge of their well-being. Having flexible working arrangements and benefit packages are essential to building a healthier and sustainable workforce."
Prudential Singapore provides flexible working arrangements to enhance employee well-being. Its flexi-time approach recommends employees spend one day in the office collaborating with their team and another day in the office for meetings, while other days can be spent working from home. Additionally, the PRUAnywhere programme gives employees the option of access to alternative bookable workspaces across Singapore.
Added Mr Ang: "A collaborative approach between all stakeholders in society to help people achieve a more well-balanced life will pave the way for a wealthier, healthier and hopefully, happier, Singapore."
Prudential Financial Advisers Singapore is the financial advisory arm of Prudential Singapore. It was set up in April 2023 to help address the health and wealth needs of clients at every stage of their life.
Hashtag: #PrudentialSingapore #BestofBothWorlds
https://www.prudential.com.sg/https://www.linkedin.com/company/prudential-assurance-company-singaporehttps://www.facebook.com/PrudentialSingapore/https://www.instagram.com/prudentialsingapore/The issuer is solely responsible for the content of this announcement.
About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)
Prudential Assurance Company Singapore (Pte) Ltd is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country's citizens for 93 years. The company has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor's, with S$53.3 billion funds under management as at 31 December 2023. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 5,200 financial representatives.
About Prudential Financial Advisers Singapore
Prudential Financial Advisers Singapore is the financial advisory arm of Prudential Singapore, one of Singapore's leading life insurance companies. The company offers customers a range of insurance products and wealth advisory services. Prudential Financial Advisers Singapore is licensed and regulated by the Monetary Authority of Singapore (MAS).