More than 80% of Singaporeans surveyed say they prioritise their health over financial success, according to a survey conducted by Prudential Singapore K6S in May 2024.
The life insurance company polled over 1,000 Singaporean residents between the ages of 20 to 65 about how much they value financial success versus staying healthy.
Out of this over 80% of individuals, over 60% viewed well-being as the foundation for pursuing other life goals, and recognised that unlike wealth, health is tougher to improve once it worsens, the survey finds.
Close to two thirds of respondents said good health is easier to achieve than wealth, as health can be controlled by personal actions while wealth depends on external factors like the economy and job market.
Those who thought that achieving wealth is easier are tempted by the promise of quick returns and belief that it takes less effort, the report by Prudential notes.
Prudential’s survey also revealed that 77% of respondents believe that they can achieve both health and wealth if they have a structured plan in place, and success in one area would lead to a victory in another.
They also noted that respondents said support from key stakeholders would help them achieve the best of both worlds. 72% ranked employers as key for flexible working hours, and 60% desire flexible staff benefit packages to better manage their wealth and health.
60% named the government as key to implementing policies to encourage better balance between work and health in the workplace, and 53% named insurance providers for incentives for achieving healthy habits.
Prudential Financial Advisers CEO, Jeff Ang, says: “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."
