The cost-of-living crisis and uncertainty about the future are triggering high-stress levels and workplace turnover in Singaporeans. The country is witnessing 86 per cent of stressed adults, which is well above the global average of 82 per cent.
According to new data from Cigna, citizens aged 18 to 24 (Gen Z) are the most stressed (95 per cent) and are most emotionally impacted by strain, with over half saying they became more emotional or depressed.
Talking about the situation in Singapore, Raymond Ng, CEO, and Country Manager, Cigna said, “Singapore remains one of the most expensive cities to live in both regionally and globally. Recent economic trends have only exacerbated stress levels among adults, especially the younger generation. Employers must recognise that stress impacts the individual, their families, friends and the organisations and colleagues they work with, and offer well-being support that better matches employees’ expectations, or risk losing productivity and talent.”
Other than the rising cost-of-living, adding to financial stress is the hybrid work model. Though designed to offer flexibility and work-life balance, the hybrid work model is also causing higher levels of stress in some working adults.
The Cigna report, titled Stressed in Singapore – Employer Opportunity, found that those working in the hybrid model in the city-state are most likely to feel stressed (94 vs. average 86 per cent) and work outside normal hours at least once a week (90 vs. average 74 per cent).
These work and well-being factors are prompting employees to shift careers to meet their lifestyle priorities, a trend known globally as the Great Resignation. This phenomenon is just as apparent in Singapore, with 35 per cent of respondents having changed jobs in the past year and 34 per cent looking to switch in the next 12 months.