Singaporeans aged 35-54 hit hardest by Covid-19 pandemic: Prudential

SINGAPOREANS aged between 35 and 54 have been the most impacted by the Covid-19 pandemic, according to a Prudential study released on Monday.

This group of young to middle-aged adults is part of the "sandwich generation" - individuals who care for both their parents and children. They recorded poor financial well-being, higher stress levels and worse physical health compared to younger and older age groups.

One in two said they have experienced a deterioration in their financial well-being since the onset of the pandemic, which is more than the younger and older age groups. Nearly half, or 45 per cent, indicated higher stress levels, while a third (28 per cent) reported poor physical health compared to younger and older age groups.

In addition to increased financial pressures, a majority of respondents spent the year working from home, balancing professional demands and family responsibilities. Only half of the respondents said they enjoyed remote working. Meanwhile, 47 per cent of respondents said work has become more stressful in the past year.

People's emotional well-being has also taken a hit. More than one-third (35 per cent) said their mental health has worsened in the past year, while 25 per cent said their physical health has deteriorated.

Relationships have also been impacted, with fewer people (62 per cent) stating they are happy in their most significant relationship, compared with a 2018 Prudential survey which saw 92 per cent reporting that they were happy.

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While the "sandwich generation" has been disproportionately impacted by the pandemic, Prudential noted that everyone surveyed experienced a shift in their state of finances, work, relationships and health in the past year.

Nearly half or 47 per cent of those polled said their financial well-being has worsened since the pandemic started, while 43 per cent admitted their income-earning prospects have deteriorated.

However, the study found that Singaporeans appear slightly more prepared for longer lives today compared with the 2018 study. In terms of financial readiness, 29 per cent said they felt prepared, compared with 26 per cent in 2018.

From a health perspective, 31 per cent said they felt prepared to live to 100, compared with 23 per cent in 2018.

Prudential commissioned the survey of 1,218 Singapore residents aged 25-74 in May and June 2021. It is the fifth study from the insurer's "Ready for 100" research programme.