Singaporeans are becoming increasingly confident that they can live to be 100 years old.
That was one of the key findings of the “Digital for 100: Harnessing technology for lengther lifespans” survey commissioned by Prudential Singapore.
confidence in longevity
Extremely optimistic, about 54 percent of those surveyed stated that they assume that they can finance their longevity on the way to the age of 100 from a financial health perspective.
That number is significantly higher than the positive response of 29 percent recorded in 2021 during the bottom of a health crisis.
From a health perspective, 42 percent of respondents said they were ready to live to be 100 years old.
Overall, when it came to health and wealth, people were more confident about their future prospects.
The survey was conducted between June and July 2022 among 800 Singapore residents and respondents fell into four age cohorts:
25 to 34 35 to 44 45 to 54 55 to 65
Male and female respondents were evenly distributed.
Respondents were divided into different income groups ranging from S$0 to S$25,000 to S$200,000 and more.
via Unsplash
Digital tools essential to live well
The most striking finding of the survey was that around 54 percent of respondents believed that mobile devices and apps are the most important tools for managing health and wealth more effectively – living well longer and making the most of life.
This optimism may be partly influenced by Singapore’s public health and economic resilience.
But also a greater confidence and ability to navigate digital technologies to help people monitor and improve their personal health and finances.
Of those who use technology to manage their well-being, 27 percent said digital tools had the greatest positive impact on their personal health and 36 percent on their financial situation.
Competent in dealing with personal fintech
In addition, respondents’ self-assessed proficiency in using personal finance technologies for some platforms was impressive.
Breaking down the numbers, 85 percent of respondents said they’re proficient at using mobile banking apps, while 70 percent said they’re proficient at financial management apps.
Respondents also said digital tools have helped them better manage their bank accounts, pensions (CPF), investments, and insurance needs.
Leveraging digital tools to support long lifespans
Respondents consistently value the use of personal health and financial technologies in their efforts to better prepare for a longer lifespan.
Wearable fitness equipment has become almost ubiquitous as Singaporeans are the most avid smartphone users in the world.
When it comes to health, 73 percent said they are familiar with technologies such as apps to monitor their physical health.
They also used technology to monitor physical fitness, blood pressure, sleep, diet and treat chronic diseases like diabetes.
Proficiency in using wearable fitness trackers was 76 percent, while wearable health monitors was 72 percent.
About 67 percent were good at using mental health tools, such as B. Apps that measure stress and anxiety and monitor mood.
via Unsplash
Is age a differentiator when using digital technology?
The younger and older cohorts expressed similar knowledge of mobile and online banking.
Around 82 percent of respondents aged 55 to 65 and 89 percent of respondents aged 25 to 34 consider themselves competent in using mobile banking apps.
When using online banking websites, 84 percent of 55 to 65 year olds and 91 percent of 25 to 34 year olds indicate similar skills.
However, it was younger respondents who were more likely to claim proficiency than older respondents when using robo-advisors, stock trading apps and crypto platforms.
For robo-advisors, 52 percent of 25-34 year olds said they were competent, compared to just 37 percent of 45-54 and 55-65 year olds.
When it came to digital asset trading platforms, 35-44 year olds were the most confident, with 53 percent rating their knowledge as good or excellent, compared to just 36 percent of 55-65 year olds.
When taking out health or life insurance, financial technologies were the greatest help for 25 to 34 year olds at 40 percent.
Only 12 percent of those aged 55 to 65 agreed.
Another finding was that managing one’s personal investment portfolio was more important to those in mid-career, with 35 percent of 35-44 year-olds and 41 percent of 45-54 year-olds saying so.
On the other hand, respondents who were nearing retirement were more likely than others to value technology in managing their Central Provident Fund (CPF) account.
Pulse app to start your financial planning journey and be ready for 100
Those looking for wealth solutions can consider Pulse, an app developed by Prudential.
Launched in April 2020, the Pulse app is a digital health and wellness app designed to leverage technology to help users manage their health and wealth.
Pulse offers a range of health and wealth solutions that are free to download for anyone over the age of 18.
To promote physical health and encourage people to maintain healthy habits, Pulse also runs challenges that reward users for adopting a healthy lifestyle.
Users can collect reward points that can be redeemed as coupons at selected retailers.
For example, Challenge Your Pulse is a series of geolocation-based walk, run and bike challenges from August to September 2022.
Individual users had to check in at various checkpoints along one of the five curated routes to complete a weekly challenge.
Users have been rewarded with points that could be instantly converted into retail vouchers, and can look forward to challenges that run regularly throughout the year.
Going forward, Pulse will continue to engage with users and empower them to take ownership of their health journey through innovative engagements.
Benefits of Pulse
With health and wellness features, Pulse was designed to empower users to better manage their health and wealth.
Pulse health check
Pulse’s Symptom Checker
Users can access healthcare services like AI-powered Healthcheck and Symptom Checker to assess their own health status.
The Healthcheck feature allows users to better understand their overall health and long-term disease risks based on inputs such as lifestyle habits, diet and medical history.
You will receive a report with suggestions on how to reduce your risk of disease and improve your overall well-being.
By using the Symptom Checker, they can get insights into possible health conditions and recommendations for next steps based on the symptoms they are experiencing.
Such features come in handy as more and more Singaporeans become more conscious about their health.
Pulse also offers mood trackers, quizzes, and content related to mental wellbeing to help users better understand and manage their mental health.
The app’s rich features include tools like Ruby, an AI-powered assistant that helps users with their financial planning.
Users can also use the goal setting tool to achieve the finances they need for the future.
Short-term expenses such as B. to accumulate enough for a target vacation, to longer-term life events, such. For example, retirement savings, users just need to select their goal and let the app calculate the rest.
Other features include the Wealth Score, a simple tool that allows users to assess their current financial health and make suggestions to improve the score, and a budgeting tool.
Pulse users can also connect with a Prudential financial advisor for an in-depth financial planning review based on their goals.
With many in Singapore pursuing different investment strategies and building different portfolios at the same time, tracking one’s personal financial situation digitally has never been easier or more crucial.
Users can also turn to the app to create discipline to stick to their wealth plans in the short and long term.
Prudential customers can also get a 360-degree view of their coverage, savings and investment plans, and easily change their contact information.
To get started, the Pulse app is just a click away on the phone.
You can download the Pulse app from Google Play or Apple Store.
This article was brought to you by Prudential Singapore.
Top photos via Unsplash & Prudential
