54% of S’pore residents say mobile devices and apps are important tools to prepare for growing lifespans – Mothership.SG

Singaporeans are increasingly confident that they can live to be 100 years old.

This was one of the key findings of the “Digital for 100: Harnessing Technology for Longer Life” survey commissioned by Prudential Singapore.

He is confident in his long life

54 percent of respondents also said they were definitely upbeat that they would be able to fund their longevity from a financial health perspective on the way to age 100.

This figure is significantly higher than the 29 percent positive response registered in 2021 during the nadir of a health crisis.

In terms of health, 42 percent of the respondents said that they are ready to live to 100 years.

Overall, in terms of health and wealth, people seemed more confident about their future prospects.

The respondents, conducted between June and July 2022 with the participation of 800 Singaporeans, can be classified into four age groups:

• 25-34
• From 35 to 44
• From 45 to 54
• From 55 to 65

Male and female respondents were equally distributed.

Respondents were distributed across different income groups, from S$0 to S$25,000 to S$200,000.

Digital tools are important for a good life

The survey’s most striking finding was that some 54 percent of respondents believed that mobile devices and apps are the most important tools for managing their health and wealth more effectively—so that they can live well longer and get the most out of their lives.

This optimism may be partly influenced by Singapore’s public health and economic resilience.

But there was also credit for greater trust in and ability to navigate digital technology 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 biggest positive impact on their personal health, and 36 percent said their financial situation.

Proficient in the use of personal fintech

In addition, respondents’ self-rated proficiency with personal finance technologies was impressive for some platforms.

Drilling down the numbers, 85 percent of respondents said they were proficient in using mobile banking apps, while 70 percent said they were proficient in financial management apps.

Respondents also said digital tools have helped them better manage their bank accounts, pension (CPF), investments and insurance needs.

Using digital tools to support longevity

Across the board, respondents placed high importance on using personal health and financial technologies to better prepare for a longer life.

Wearable fitness devices are almost ubiquitous, given that Singaporeans are some of the most avid users of smartphones in the world.

In healthcare, 73 percent of respondents said they are proficient in using technology, such as apps to monitor their physical health.

Technology has also been used to monitor physical fitness, blood pressure, sleep, diet and manage chronic diseases such as diabetes.

Proficiency in using wearable fitness trackers was 76 percent, compared to 72 percent for wearable health monitors.

About 67 percent were good at using mental health tools, such as apps that measure stress and anxiety levels and monitor mood.

Does age make a difference in the use of digital technology?

The younger and older cohorts showed a similar level of proficiency in mobile and online banking.

82 percent of respondents between the ages of 55 and 65 and 89 percent of those between the ages of 25 and 34 consider themselves proficient in mobile banking applications.

84 percent of 55- to 65-year-olds and 91 percent of 25- to 34-year-olds claim similar proficiency in using online banking websites.

However, younger respondents were more likely than older respondents to report proficiency when using robo-advisors, stock trading apps, and crypto platforms.

When it comes to robo-advisors, 52 percent of 25-34 year olds said they were proficient, compared to just 37 percent of 45-54 and 55-65 year olds.

The 35- to 44-year-olds were the most confident about digital asset trading platforms, 53 percent rated their knowledge as good or excellent, while only 36 percent of the 55- to 65-year-olds did.

When buying health or life insurance, financial technologies provided the greatest help to 25- to 34-year-olds, 40 percent said so.

Only 12 percent of those aged 55 to 65 agreed.

Another finding was that managing a personal investment portfolio was more important for those in mid-career, with 35 percent of 35- to 44-year-olds and 41 percent of 45- to 54-year-olds indicating this.

On the other hand, respondents closer to retirement were more likely than others to value technology in managing their Central Provident Fund (CPF) accounts.

Pulse app to start your financial planning journey and be ready for 100

Those looking for wealth solutions can consider tapping Pulse, an app developed by Prudential.

Launched in April 2020, the Pulse app is a digital health and wellness app that aims to leverage technology to help users manage their health and well-being.

Pulse offers health and wellness solutions and is free to download for those 18+.

To promote physical health and encourage people to maintain healthy habits, Pulse also engages in 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 walking, running and riding challenges from August to September 2022.

Individual users had to log in at various checkpoints on one of the five selected routes to complete a weekly challenge.

Users were rewarded with points that could be instantly converted into retail vouchers and challenges to be completed periodically throughout the year.

Going forward, Pulse will continue to connect with users and empower them to take ownership of their health journey through innovative engagements.

Benefits of Pulse

With both health and wellness features, Pulse aims to help users better manage their health and wealth.

Users can access health services such as AI-powered Healthcheck and Symptom Checker to assess their health status.

The Health Check feature allows users to better understand their overall health and long-term disease risk based on inputs such as lifestyle habits, diet and medical history.

They receive a report with recommendations to reduce their risk of disease and improve their overall well-being.

When they use the Symptom Checker, they can gain insight into possible medical conditions based on the symptoms they’re experiencing and make recommendations for next steps.

Such features are useful as more and more Singaporeans are becoming more health conscious.

Pulse also offers mood trackers, quizzes and mental health content to help users better understand and manage their mental health.

Enriching features of the app include tools such as the artificial intelligence-driven assistant Ruby, which supports users in their financial planning.

Users can also use the Goal Setting Tool to access financial instruments for the future.

From shorter-term expenses like saving enough for a vacation to longer-term life events like retirement planning, users simply select their goal and let the app do the rest.

Other features include Wealth Score, a simple tool that helps users assess their current financial situation and make suggestions for improving their score, and a budgeting tool.

Pulse users can also contact a prudent financial advisor for a detailed financial planning review based on their goals.

With many people in Singapore adopting various investment strategies and growing various portfolios at the same time, keeping track of your personal finances digitally has never been easier and more crucial.

Users can also turn to the app to instill discipline in sticking to their short- and long-term wealth plans.

Prudential customers can get a 360-degree view of their insurance coverage, savings and investment plans and easily change their contact details.

To get started, the Pulse app is just a click away on your phone.

You can download the Pulse app from Google Play or the Apple Store.

This article is brought to you by Prudential Singapore.

Top photos courtesy of Unsplash & Prudential