SINGAPORE (Sept 24): Four out of five Singaporeans cite finance-related factors as obstacles in achieving their life goals, according to the AXA Better Life Index.

In a survey based on a survey of 1,008 Singaporeans spanning across four distinct generations – Generation Z, Millennials, Generation X, and Baby Boomers – more than half of respondents indicate that they struggle with rising cost of living.

Other top struggles include being unable to save enough money (35%); finding it difficult to achieve work-life balance (29%); worrying about job security (29%); and fretting over insufficient financial protection (26%).

The survey was conducted by Nielsen and commissioned by AXA.

All generations cite financial-related issues as among the top worries. For the two younger generations, Generation Z and the Millennials, achieving financial independence is rated as their most important factor needed for a better life, with 26% and 27% indicating so, respectively.

For Generation X and the Baby Boomers, achieving financial independence is a goal for 26% and 22% of the respondents, respectively.

However, for Generation X, their top factor for a better life is for better health, with 30% and 28% of the respondents indicating so.

AXA says this is the first index here to evaluate the overall journey towards a better life among Singaporeans.

“Self-belief fuels one’s journey in life. That is why we strive to play a part in helping our customers feel confident that they can achieve their goals,” says Jean Drouffe, CEO of AXA Insurance Singapore.

“With the AXA Better Life Index, we want to understand Singaporeans’ progress towards achieving their better life, and how they can be encouraged as they work towards it,” he adds.

Overall, just half of Singaporeans feel fulfilled with their lives, and four out of ten feel unhappy, according to the Index.