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Thriving in an overworked society: How S’poreans can achieve good health and wealth
Experts from Prudential and NUS Saw Swee Hock School of Public Health weigh in on the importance of individual and collective effort in supporting physical, mental and financial well-being
Regular exercise and supportive employers who value well-being are essential for achieving true work-life balance.
PHOTO: ADOBE STOCK
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If you get three more hours of free time per week, would you spend it pursuing wealth or health? Which will be your priority?
A recent survey conducted by Prudential Singapore revealed that 85 per cent of respondents chose good health over wealth, where most view it as the foundation for achieving other life goals.
This finding may be surprising given that Singapore is the most overworked country in the Asia-Pacific, where employees work the longest hours per week
It is not uncommon to hear of people focusing and spending more time on work, leaving them fewer hours to pursue their wellness goals. It is high time to consider a different way of life – one where good health and wealth are interlinked.
Says Mr Jeff Ang, chief executive officer of Prudential Financial Advisers Singapore: “To strike a good balance, you should start planning early and consistently make time for both your health and finances to achieve success in both areas.”
This holistic approach is crucial, especially considering the health challenges that many of us may face later in life.
Dr Sidharth Kachroo, chief health officer at Prudential Singapore, says: “It is important that we start early on preventive healthcare to proactively prevent common chronic illnesses such as diabetes and hypertension.”
The latest statistics from the National Population Health Survey
Employers’ role in supporting good health and wealth
The effort needed to bring about a real and lasting change, however, extends beyond the individual. According to Professor Teo Yik Ying, dean of Saw Swee Hock School of Public Health at the National University of Singapore, employers play a big role in supporting employees’ holistic well-being, whether it is physical, mental or financial health.
He says: “We’ve moved beyond the productivity conversation to creating workplaces where people feel empowered to take charge of their well-being. Having flexible working arrangements and benefit packages are essential to building a healthier and sustainable workforce.”
As Prudential’s survey reveals, flexible work arrangements and increased benefits are highly sought after in the workplace. Out of the 1,000 respondents, 72 per cent would like flexible working hours and 60 per cent desire a flexible staff benefits package to better manage their health and wealth.
A majority of survey respondents hope the government can do more, too – 60 per cent wanted the government to implement policies to encourage a balance between work and health in the workplace. The Tripartite Guidelines on Flexible Work Arrangement Requests, which kicked in on Dec 1
Benefits of having healthier employees
Companies which invest in workers’ health can reap rewards too. Professor Teo adds that management studies
Beyond flexible work arrangements to give employees more ownership of their time during the day, some companies are also exploring new ways to help employees make healthier food choices. Employees at Prudential Singapore, for example, have access to healthier options such as fresh fruits and oatmeal at its in-house bistro. Prudential also organises talks with doctors to share information and tips on preventive healthcare.
Tips on taking charge of your health
Dr Sidharth Kachroo, chief health officer at Prudential Singapore, shares how Singaporeans can take control of their health.
To live well for longer, it is important to start early with preventive healthcare to prevent chronic illnesses. This involves maintaining a healthy lifestyle and diet, as well as going for regular health screenings and vaccinations.
Learn how to manage your health effectively by tapping national healthcare schemes such as Healthier SG and MediShield Life, in addition to your insurer’s offerings. For instance, Prudential’s Integrated Shield Plan (PRUShield) customers can attend webinars featuring experts from its panel of doctors and hospitals, gaining valuable advice on how to manage common illnesses and preventive care measures.
Get support in managing chronic conditions. All Prudential PRUShield customers can leverage its Chronic Care Management Programmes for hypertension, diabetes and hyperlipidaemia. These six-month programmes offer health assessments, consultations, standard medications, and lifestyle counselling sessions, to help customers who are newly diagnosed with chronic illnesses to manage their health and begin their journey to recovery.
Notes Professor Teo: “If we are able to make the ecosystem or the environment a health-seeking one by default, then people are already making healthier choices without them consciously realising it.”
He adds that many of these supportive ecosystems are already in place in Singapore. For example, Healthier SG is a national health reform initiative that provides both access and financial support for people to improve their lifestyle habits, get their health screenings and immunisations.
Dr Kachroo agrees. “We need an all-hands-on-deck approach to enable Singaporeans to not just live longer, but also live well. By focusing on preventive healthcare like leading an active lifestyle, routine health screenings and vaccinations, both individuals and businesses can make a significant difference,” he says.
Preparing for the unexpected
Preventive healthcare plays a crucial role in fostering good health and detecting issues early. However, it cannot entirely eliminate the risk of serious illnesses
Comprehensive financial planning for wealth and health needs can mean the difference in areas such as the treatment options that we have access to.
“Our ability to fund our retirement and future medical needs are very much tied to the actions we take today to achieve health and financial stability. By identifying these risks early, individuals can take proactive steps to mitigate them,” says Mr Ang.
Never too old to start protecting your wealth
According to a survey conducted by Prudential Singapore, three in five respondents believe it is possible to achieve both health and wealth with a structured plan in place. Mr Jeff Ang, chief executive officer at Prudential Financial Advisers Singapore shares recommendations on how different groups can protect their health and wealth at the same time.
First jobbers or young adults: This is the best time to get basic health insurance as plans are usually more affordable for lower age groups who are less likely to have pre-existing medical conditions that could affect their coverage. Besides health, young adults should also start building up their wealth and leverage the power of compounding interest.
For mid-career individuals with dependents: People in their mid-careers tend to have families to support and face larger expenses. Besides hospitalisation and savings insurance plans, they should consider additional protection like critical illness or disability income insurance which usually provides a lump sum payout.
For pre-retirees and retirees: These people should already have essential protections like hospitalisation, critical illness and retirement insurance plans. Staying active and engaged is also important to maintain long-term health. If they don’t have a critical illness plan yet, they might want to consider getting one for extra protection.
Learn more about protecting your health and wealth here.
