The Manulife Asia Care Survey 2024 shows how people across Asia perceive their current and future physical, mental, and financial well-being, and how Manulife can be their partner for progress. Manulife surveyed more than 1,000 Singapore respondents in January 2024.
Singapore respondents have high aspirations for their future physical, mental, and financial well-being but they are unsure if they will achieve their desired levels of well-being.
They feel most unprepared for their 'financial' well-being in ten years, with 14 points' difference between their 'desired' and 'expected' future well-being.
Singapore respondents also rank mental well-being as the most important and financial well-being as the least important. In fact, mental well-being, physical health, and future health indicators are equally important, as mental health can also serve as a sign for future physical ailments.
Let's take a deeper look at what challenges they are facing:
Embracing solo: The rise of singlehood
Financial concerns of those not planning to get married
For many in Asia, financial insecurity remains a major deterrent to starting a family.
The Asia Care Survey 2024 reveals that 25% of respondents do not intend to get married, with worries about financial constraints, including the high cost of housing, wedding expenses, or insufficient income.
Over 50% of the over 25s and single worry about a lack of savings
|
Single |
Married |
Insufficient savings |
55% |
44% |
Unexpected medical expenses |
57% |
51% |
Reduced income |
44% |
41% |
Insufficient health insurance coverage |
30% |
27% |
Providing for dependent parents |
24% |
24% |
Respondents who are single and over 25 appear to have more financial concerns than those who are married. Single respondents are more anxious about their savings, unexpected medical expenses, and reduced incomes.
Financial literacy is also lacking among singles
|
Single |
Married |
Saving products |
73% |
76% |
Insurance products |
60% |
64% |
Investment products |
54% |
65% |
The financial literacy of single respondents is lower than those who are married. Furthermore, only 58% of single respondents versus 71% of married respondents have a financial planner. Not having a financial planner could be a key reason for their greater concerns on their financial well-being and could also explain their lower financial literacy.
Shifting family dynamics: couples opting for child-free lifestyles
What keeps Singapore couples child-free?
Most are worried about added responsibility and education costs.
Personal concerns
Financial concerns
When it comes to expanding a family, among those who are married without kids, 9% are unsure at this stage. For many, this decision extends beyond financial concerns and is based on personal reasons.
Interestingly, 33% of married respondent would rather have pets than kids in their family.
Are children great investments as future providers?
There is a noticeable shift in Singaporeans' mindset, where having children is no longer viewed as an investment. The traditional notion of considering children as a future income source or 'insurance' is evolving; parents are less likely to rely on the next generation to provide for them in their old age.
