Around 60% of respondents are also deeply concerned about the critical illness diagnosis such as cancer.
Fears over income loss and job instability have caused 91% of 300 Singaporean working adults (aged aged 30 to 55) to report declines in their mental health, per AIA Singapore's Health Matters Survey 2021. Around 60% of respondents are also deeply concerned about critical illness diagnosis such as cancer.
The study also shines a light on how different segments are coping with mental health challenges and critical illness worries:
- A majority of the male respondents who are breadwinners stated that they are more likely to report when they are facing mental health and critical illness conditions compared to women.
- Millennials (aged 30-39) reported higher stress coping with daily stressors at work as compared to pre-retirees (aged 40 and above).
- Millennials aged 30 to 39 (81%) are especially worried about cancer compared to older adults.
Wong Sze Keed, Chief Executive Officer, AIA Singapore, said: "While our nation is heading for a post-pandemic recovery, mentally, we are still trying to navigate our way out of COVID-19 uncertainities. It is not enough to only take care of our physical health."
Singaporeans' concerned about their health stems from the fact that the past year saw an increase in diagnosis concerns for critical illnesses (+10% compared to 2016), with cancer being the most pressing concern (73% are worried). There is also a substantial increase in stroke concerns, from 60% in 2016 to 68% in 2021.
Amongst mental health conditions, anxiety and major depressive disorders were revealed to be the most prevalent.
Further, it was identified that mental health stigma still exists in society, which may stand in the way of ensuring adequate protection. So while insurance plans with mental health coverage are available in the market, only 18% reported that their critical illness plans or riders include mental health coverage. Overall, a majority (95%) of respondents feel that being adequately covered for early to advanced stage critical illness is important.
AIA Singapore is taking steps internally to guard its workforce against mental health concerns. It is investing in new stress and wellness management training for more than 350 people managers in AIA Singapore. It is also oiffering a resilience mindset programme for all AIA staff.
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