SINGAPORE — One in two Singaporeans have not attained the kind of life they envision having, a survey commissioned by insurance firm AXA found.

The Better Life Index, which aims to assess Singaporeans’ journey towards a “better life”, also found that about four in 10 Singaporeans were not happy with their lives right now, and five in 10 felt dissatisfied with their progress towards their short- and long-term goals.

However, the survey findings, which were published on Tuesday (Sept 24), showed that millennials scored the highest on the index at 54.8, indicating that they were the most driven to achieve their goals and purpose in life.

They were also the most optimistic among all generations in attaining the goals they have set for themselves.

Baby boomers had the lowest score of 46.4.

Overall, respondents scored 50.4 in the index, which fell within the “fair” range. This indicated that Singaporeans are still some distance away from their ideal lives, AXA said.

ABOUT THE SURVEY

AXA commissioned marketing research company Nielsen to survey 1,008 Singaporeans in June this year.

These were across four generations:

• 125 people from Generation (Gen) Z aged 18 to 24

• 317 millennials aged 25 to 39

• 357 people from Gen X aged 40 to 54

• 209 baby boomers aged 55 to 65

A Better Life Index of zero to 25 was deemed as "poor"; 26 to 50 was considered "fair"; 51 to 75 was "good"; and 76 to 100 "excellent".

PURPOSE IN LIFE, ABILITY TO FULFIL GOALS

The Better Life Index was calculated based on three components: Realisation, empowerment and achievement.

Realisation

Under this component, respondents were asked to identify their purpose in life and if they had set short-term and long-term goals to achieve these.

Seven in 10 of the respondents aspired to live a life with good health, a happy family and financial freedom.

The overall index score for this component stood at 58.5, in the “good” range.

Millennials registered the highest score of 63.8, showing that they had the highest awareness of their life purposes and goals among the four generations.

Empowerment

Respondents were asked if they felt capable of achieving their perception of a “better life” and the struggles they faced in realising their goals.

All four generations ranked wealth-related goals highly for their short- and long-term goals.

Across the board, finances seemed to be greatest obstacle for Singaporeans in achieving their purposes and goals in life.

Respondents listed the increasing cost of living and being unable to save enough money as their top obstacles to achieving their short-term and long-term goals.

Overall, the score for this index stood at 47.8, in the “fair” range.

Within the different age groups, millennials scored the highest at 52.5, while baby boomers had the lowest score of 43.4, indicating that they are the age group that needs the most support in realising their goals.

Achievement

Respondents were asked how satisfied they were in their progress towards their goals.

Results showed that 41 per cent of respondents were not happy with their lives presently.

Only half said that they felt fulfilled in their achievements, relationships and other aspects of life.

The overall score for this component was the lowest among the three, with respondents ranking it at 45.0, in the “fair” range.

Millennials scored the highest in this component (48.3) while baby boomers ranked the lowest at 43.2. 

This indicated a strong need for Singaporeans to take firm steps towards their goals and feel satisfied with their levels of achievements, AXA said.

DEFINING A 'BETTER LIFE'

Part of the survey also aimed to understand what people across the four generations defined as “a better life”.

Broadly, the survey found that a better life to Singaporeans revolved around financial independence, health and having enough for daily expenses.

These were followed by having a happy family and personal happiness. 

Gen Z

For those in this age group, 26 per cent of them defined better life as revolving around financial independence.

This was followed by having enough money for daily expenses, and being happy.  

This could be due to them not yet having dependents, the AXA report noted.

Enjoyment cropped up as a theme, with some of them listing “enjoying life and feeling happy”, living a “less stressful life” and having “more money to spend and enjoy” as part of their perception of a better life.

Millennials

Millennials listed achieving their financial goals and being able to pay more attention to their health as their top two definitions of a better life.

Having a happy family ranked lower on their list of what constitutes a better life.

Gen X

Gen Xers tended to be family-oriented and highly valued their family members’ happiness and well-being, the survey found.

In this group, 30 per cent responded that they wanted to be healthier, closely followed by 26 per cent saying that they wanted to be financially independent.

Only 9 per cent considered being happy as important to leading a better life.

Baby boomers

For those beyond their 50s, happiness for themselves and their families are central to a better life, with 28 per cent saying that being healthier is part of the equation, while 22 per cent included being financially independent as a consideration as well.