One in two Singapore residents believe digital technology can help monitor and improve their personal health and finances.
With tech, they believe they can live to 100 years old, even amid a global health crisis and economic headwinds, says Prudential.
However, nearly half (49%) of Singaporean residents surveyed say modern digital technologies are becoming increasingly complex to use. This figure was more than half for those aged between 35 and 44 (55%) and between 55 to 65 (52%).
Prudential surveyed 800 Singapore residents aged 25 to 65 in June and July for its Digital for 100: Harnessing technology for longer lifespans study, released Oct 10.
Respondents say digital tools have helped them to better manage their bank accounts, Central Provident Fund (CPF) accounts, investments and insurance needs. They also use technology for monitoring physical fitness, blood pressure, sleep, diet and for managing chronic diseases like diabetes.
More than four in five (85%) respondents say they are skilled at using mobile banking apps, and 70% reported being proficient in financial management apps.
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On the health front, 73% say they are well versed in using technologies such as apps for keeping tabs on their physical health, wearable fitness trackers (76%) and wearable health monitors (72%).
However, just over two-thirds (67%) are good at using mental health tools, such as apps that measure stress and anxiety levels, or those that monitor moods.
With the reopening theme playing out in Singapore and the world, 42% of respondents say that they are prepared for longevity, up from 31% in 2021. Meanwhile, 54% say they are prepared financially, up from 29% in 2021.
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Based on the Infocomm Media Development Authority’s (IMDA) data, Singapore’s mobile penetration rate in 2021 was 158.8%, which means that each resident has about 1.6 mobile subscriptions. Dennis Tan, CEO of Prudential Singapore, says the findings are “not surprising” given that Singapore is a widely-connected nation with a high number of mobile phone users.
“Since the pandemic, more people have gone digital, and technology has become a core part of our lives. We need to build on this momentum by ensuring that digital technologies are simple by design so that everyone can use them easily. This will encourage individuals to continue using technology to take charge of their health and wealth as they get ready for a longer life,” he adds.
Complexity hinders wider digital adoption among Singaporeans, says Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore. “It is incumbent on technology companies and service providers to construct their solutions in the simplest possible design.
