Prudential study: 1 in 2 say that digital technology is most important in getting ready for 100
- Majority of Singapore residents are proficient in using digital wealth and health tools
- However, 49 per cent of respondents say that modern digital technologies are becoming increasingly complex to use
SINGAPORE - Media OutReach - 10 October 2022 - Digital technology plays a significant role in helping Singapore residents live well for longer, according to a study commissioned by Prudential Singapore ("Prudential"). More than half (54 per cent) of the 800 Singapore residents aged 25 to 65 surveyed say that mobile devices and apps are critical tools in preparing for rising longevity.
Of those who are using technology to manage their well-being, 36 per cent say that digital tools have had the greatest positive impact on their financial situation, and 27 per cent indicated personal health.
Mr Dennis Tan, CEO, Prudential Singapore, said that the findings are not surprising given that Singapore is a widely-connected nation with a high number of mobile phone users. Based on the Infocomm Media Development Authority's (IMDA) data, the mobile penetration rate in 2021 was 158.8 per cent, which means that each resident has about 1.6 mobile subscriptions.
"Since the pandemic, more people have gone digital, and technology has become a core part of our lives. We need to build on this momentum by ensuring that digital technologies are simple by design so that everyone can use them easily. This will encourage individuals to continue using technology to take charge of their health and wealth as they get ready for a longer life." said
Majority of Singapore residents are proficient in using digital wealth and health tools
In the research report titled "Digital for 100: Harnessing technology for longer lifespans", respondents had expressed high levels of proficiency in using digital tools to improve or to monitor their personal and financial health.
More than 4 in 5 (85 per cent) respondents say that they are skilled at using mobile banking apps, and 70 per cent in financial management apps. On the health front, 73 per cent say they are well versed in using technologies such as apps for keeping tabs on their physical health, wearable fitness trackers (76 per cent) and wearable health monitors (72 per cent).
Respondents say that digital tools have helped them to better manage their bank accounts, pension (CPF), investments, and insurance needs. They also use technology for monitoring physical fitness, blood pressure, sleep, diet and for managing chronic diseases such as diabetes.
Despite the high level of digital proficiency in the country, just over two thirds (67 per cent) are good at using mental health tools, such as apps that measure stress and anxiety levels, or those that monitor moods.
"Digital technologies provide ready and easy access to mental health tools and resources which can help people take proactive steps in managing their mental wellbeing. This is crucial in helping to address growing mental health concerns," said Mr Tan.
Increasing complexity of digital technologies
While technology adoption is on the rise, nearly half (49 per cent) of all respondents say that modern digital tools are getting more complex. This figure was more than half for those aged between 35 and 44 (55 per cent) and between 55 to 65 (52 per cent).
Whether it's finance or other apps, complexity hinders wider adoption among Singaporeans, according to Mr Sopnendu Mohanty, Chief Fintech 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 ability to live to 100
Overall, the survey conducted in June and July 2022 by Economist Impact showed that Singapore residents are becoming increasingly confident about their ability to live to 100 even amid a global health crisis and economic headwinds.
Forty-two per cent of respondents say they are prepared for rising longevity from a health and wellness perspective, up from 31 per cent in 2021, the highest figure in any of the surveys in this research series. Fifty-four per cent responded in the affirmative from a financial health perspective, up from 29 per cent in 2021.
Prudential is doing its part to support people in living well for longer by leveraging technology to make health and financial resources more accessible to everyone. Key to this is Pulse by Prudential ("Pulse"), Prudential's digital health and wellness app. Users can access healthcare services such as the AI-powered healthcheck and symptom checker to assess their health or make use of wealth tools such as an AI-powered assistant to set and track financial goals. They can also purchase bite-sized insurance plans through the app.
Notes to the editor:
About the study:
"Digital for 100: Harnessing technology for longer lifespans" is the sixth research study from Prudential's Ready for 100 series. It is the first of two reports that explores the role that digital tools currently play and will play in how Singapore residents manage their lives in the face of an increasing lifespan. A total of 800 Singapore residents aged 25-65 were surveyed in June and July 2022 for this study, and a panel of subject-matter experts was 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 has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor's, with S$53.3 billion funds under management as at 31 December 2021. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 5,000 financial consultants.