- The majority of Singaporeans are adept at using digital tools for wealth and health
- However, 49 percent of those surveyed say that today’s digital technologies are becoming increasingly complex to use
SINGAPORE – Media OutReach – 10 October 2022 – Digital technology is playing an important role in helping Singaporeans live well for longer, according to a study commissioned by Prudential Singapore (“Prudential”). More than half (54 percent) of the 800 Singaporeans aged 25 to 65 surveyed said mobile devices and apps are critical tools in preparing for longer life.
Of those who use technology to manage their well-being, 36 percent say digital tools have had the biggest positive impact on their financial health, and 27 percent cite personal health.
Mr Dennis Tan, CEO, Prudential Singapore, said the findings were not surprising given that Singapore is a highly connected nation with a large number of mobile phone users. Based on data from the Infocomm Media Development Authority (IMDA), the mobile penetration rate in 2021 is 158.8 percent, which means that each resident has about 1.6 mobile subscriptions.
“Since the pandemic, more people have gone digital and technology has become a major part of our lives. We need to build on this momentum by ensuring that digital technologies are simple in design so that everyone can use them easily. This will encourage people to continue to use technology to manage their health and wealth as they prepare for a longer life. said
The majority of Singaporeans are adept at using digital tools for wealth and health
In the research report, titled Digital for 100: Using Technology to Live Longer, respondents expressed high levels of experience using digital tools to improve or monitor their personal and financial health.
More than 4 in 5 (85 percent) respondents say they are proficient in mobile banking apps, and 70 percent in financial management apps. When it comes to health, 73 percent say they are familiar with using technology such as apps to track their physical health, wearable fitness trackers (76 percent) and wearable health monitors (72 percent).
Respondents say digital tools have helped them better manage their bank accounts, superannuation (CPF), investments and insurance needs. They also use technology to monitor physical fitness, blood pressure, sleep, diet and to manage chronic diseases such as diabetes.
Despite the country’s high level of digital literacy, just over two-thirds (67 percent) are good at using mental health tools, such as apps that measure stress and anxiety levels or ones that monitor mood.
“Digital technologies provide ready and easy access to mental health tools and resources that can help people take proactive steps in managing their mental wellbeing. This is critical to tackling growing mental health issues,” he said Mr. Tan.
The growing complexity of digital technologies
Although technology adoption is growing, nearly half (49 percent) of all respondents say that today’s digital tools are becoming more sophisticated. That figure is more than half for those aged between 35 and 44 (55 per cent) and between 55 and 65 (52 per cent).
According to Mr. Sopnendu Mohanty, Chief Financial Technology Officer at the Monetary Authority of Singapore. “It is incumbent on technology companies and service providers to construct their solutions in the simplest possible design,” he says.
Growing confidence in the ability to live to 100
Overall, the survey conducted in June and July 2022 by Economist Impact showed that Singaporeans are becoming increasingly confident of their ability to live to 100 even amid a global health crisis and economic hardship.
Forty-two percent of respondents say they are prepared for longer life in terms of health and wellness, up from 31 percent in 2021, the highest figure of any survey in this research series. Fifty-four percent answered affirmatively in terms of financial health, up from 29 percent in 2021.
Prudential is doing its part to help people live well for longer by using technology to make health and financial resources more accessible to all. The key to this is Pulse by Prudential (“Pulse”), Prudential’s digital health and wellness app. Users can access health services such as an AI-powered health check and symptom checker to assess their health or use wealth tools such as an AI-powered assistant to set and track financial goals. They can also purchase small insurance plans through the app.
Notes to the editor:
About the study:
“Digital for 100: Using Technology to Live Longer” is the sixth research study in Prudential’s Ready for 100 series. This is the first of two reports exploring the role that digital tools are playing now and will play in the way Singaporeans manage their lives in the face of increasing life expectancy. A total of 800 Singaporeans aged 25- 65 year olds were surveyed in June and July 2022 for this study and a panel of subject matter experts were interviewed for this study. The research was commissioned by Prudential and conducted by Economist Impact.
About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)
Prudential Assurance Company Singapore (Pte) Ltd is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 91 years. The company is rated AA-Financial Strength by leading credit rating agency Standard & Poor’s, with S$53.3 billion under management as at 31 December 2021. It provides a range of well-rounded product offerings in protection, savings and investments through multiple distribution channels , including a network of more than 5,000 financial advisors.