The HSBC Life +Factor Study 2022 uncovers the link between various aspects of wellbeing. It gained insight into the physical, mental, and financial health habits of people living amidst emerging global trends.
A total of 6,829 respondents from Singapore, Hong Kong, mainland China, and the UK were surveyed for the study. It includes areas such as happiness and the resilience people have built in adapting to an ever-evolving landscape.
The 2022 HSBC Life +Factor Study offers 6 key insights on how physical, financial, and mental health impact our day-to-day lives and future plans.
COVID-19 has changed lives and lead to shifts in people's daily routines. Mental and financial behaviours were altered to adapt to living through a pandemic, coping with increased stress and creating financial buffers.
In Singapore, over half of respondents (52%) still express concern over their financial situation in 2022. Having sufficient retirement fund and medical bills in case of illness are the top 2 concerns on their financial. Their average stress score remains high (61) when respondents were asked about their current stress level.
In Singapore, 60% agree (vs. 50% in 2021) that passing on healthy habits is becoming more important than passing on wealth in 2022. Like other markets, this change has also impacted the advice they would give their 15 years younger self:
Those who are physically, mentally, and financially healthy/ resilient are the most confident in
achieving their goals, happiest, and most satisfied with their quality of life.
Setting a good example (for children/ dependents/ partner/ friends) was a common thread among all markets, tying back to the result of healthy habits gaining popularity as one's desired legacy.
Based on resilience drivers across the dimensions, those with high resilience levels are not just
strategic, but specific and action-oriented about their physical, mental, and financial wellbeing.
Though external factors such as time and demands of work/ family life are common challenges across the three dimensions; internally, deficiencies in one dimension can impede progress in another.
For details of the findings, please refer to the +Factor Study Report below.
This article is for general information only and does not take into account the specific investment objectives, financial situation or needs of any particular person. The views expressed herein do not necessarily reflect the views of HSBC Life (Singapore) Pte. Ltd. and should not be construed as the provision of advice or making of any recommendation. There is no intention to distribute, or offer to sell, or solicit any offer to purchase any product. We recommend that you seek the advice of a qualified financial advisory professional before making any decision to purchase an insurance or investment product. Whilst we have taken reasonable care to ensure that all information provided was obtained from reliable sources and correct at time of publishing, information may become outdated and opinions may change. We are not liable for any loss that may result from the access or use of the information herein provided.
Information is accurate as at 1 February 2023.
This advertisement has not been reviewed by the Monetary Authority of Singapore.