Singapore workers’ mental health improves amid looming financial anxiety
Survey finds that two-thirds of workers are worried they cannot financially support their everyday needs
[SINGAPORE] The mental health of Singapore workers has improved, but over one-third remain anxious and feel that their mental state is adversely impacting work productivity, according to a recently released study.
The results found that two-thirds of workers are also concerned about not being able to pay for their everyday needs – with seven in 10 spending less in the two months prior to the survey due to financial concerns or the uncertain economy.
These findings are based on a study by health technology services provider Telus Health, which polled 1,000 people between Jun 10 and 27. The respondents lived in Singapore and were either employed at the time of the online survey, or employed within the prior six months.
At 63.5, the mental health score of workers is at the highest point since the launch of the Telus Mental Health Index (MHI) in April 2022. A higher score on the index means better mental health, with a score of 0-49 for distressed, 50-79 for strained and 80-100 for optimal mental health.
The improvement is an encouraging sign that Singapore’s workforce is developing greater resilience, says Haider Amir, director of Asia, global business development, at Telus Health.
“Despite retrenchments and business closures, more people are coping better with uncertainty,” he tells The Business Times, adding that mental health sub-scores, except optimism, have held steady or improved, with a drop in the share of workers in the high-risk category.
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“That suggests growing awareness and better access to support are paying off. Singapore’s preventive approach – where resources are channelled towards helping people with few or even no symptoms of mental health issues to stay well – are expected to yield better results.”
Financial and mental well-being
Still, three in 10 respondents feel isolated and depressed, and one in five does not have emergency savings to cover basic needs. For the latter group, their mental health score stands at 36.2, versus 73.2 for workers with emergency savings.
The study also found that 51 per cent of workers can meet most of their everyday needs, albeit with some difficulty; 13 per cent often struggle to meet basic needs; and 2 per cent regularly cannot meet basic needs. Not surprisingly, the last group registered the lowest mental health score of 28.7 – almost 47 points lower than workers who can comfortably meet their needs (75.4) and nearly 35 points lower than the national average (63.5).
“With Singapore’s cost of living remaining high, organisations can help close this well-being gap by offering flexible benefits, access to counselling and financial literacy programmes,” says Amir. “Such support can help to build resilience, reduce stress and maintain workforce stability.”
Although having children often increases financial responsibilities, the study found that non-parents are twice as likely as parents to feel financially vulnerable. Amir attributes this to parents benefiting from stronger support systems including family tax reliefs, dual incomes and greater workplace flexibility that help buffer stress.
“Non-parents, particularly younger single adults, may face less stable employment, limited savings and fewer financial safety nets, heightening their vulnerability.”
Over the past three years, anxiety has been the lowest MHI sub-score. This could be caused by financial strain and economic pressures such as the rising cost of living and inflation, which are the leading sources of personal stress for more than two in five workers, Amir notes.
To reduce such anxiety, workers need access to practical support and preventive education, including building financial literacy and confidence, healthy workloads and workplace cultures, and training managers who recognise and address early signs of distress.
“When workplaces prioritise well-being and encourage open conversations about mental health, employees are more likely to seek support early. This reduces the risk of more serious issues developing and contributes to healthier, more resilient teams.”
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