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Only half of Singaporeans feel fulfilled in life with finances seen as biggest obstacle: survey

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One in two Singaporeans do not feel fulfilled in life with finances cited as the biggest obstacle to achieving life goals, according to a survey commissioned by insurer AXA.

ONE in two Singaporeans do not feel fulfilled in life with finances cited as the biggest obstacle to achieving life goals, according to a survey commissioned by insurer AXA.

For the inaugural AXA Better Life Index 2019, released on Tuesday, research firm Nielsen polled 1,008 Singaporeans aged 18-65 across four generations: Gen Z (18-24 years old), millennials (25-39 years old), Gen X (40-54 years old), and baby boomers (55-65 years old).

The survey evaluates the overall journey towards a better life among Singaporeans, taking into account three components: realisation, empowerment, and achievement.

Across all four generations surveyed, wealth-related goals ranked high for both short-term and long-term goals. When questioned about the struggles faced in reaching goals, money-related matters such as the increasing cost of living (51 per cent), and the inability to save enough money (35 per cent) came up as the most common concerns.

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Overall, Singaporeans have a Better Life Index score of 50.4, with 41 per cent saying they are not happy with their lives currently, AXA said.

Millennials (54.8) seem to be the most driven to achieve their goals in life, having scored the highest among the four generations.

Jean Drouffe, chief executive officer of AXA Insurance Singapore said: "Self-belief fuels one's journey in life. That is why we strive to play a part in helping our customers feel confident that they can achieve their goals. With the AXA Better Life Index, we want to understand Singaporeans' progress towards achieving their better life, and how they can be encouraged as they work towards it."

The survey also found that while a majority of Singaporeans have set short-term (78 per cent) and long-term (56 per cent) goals, at least three in ten have not set a clear timeline to achieve them.

Unsurprisingly, younger Singaporeans held a higher regard for money as part of their life goals, while older age groups were more concerned with their health in the long run.

Baby Boomers (57 per cent) were found to be the most fulfilled in their achievements, relationships and other aspects of life, while Generation Z (40 per cent) was the least fulfilled. 

That said, quizzed on whether they feel they are capable of achieving a "better life", millennials scored the highest, while baby boomers ranked bottom, suggesting that they are the age group that needs the most support, AXA said.