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Family playing a declining role in Singaporeans’ journey to a better life: AXA Better Life Index 2021

September 22, 2021 |
  • Measuring how Singaporeans are progressing on their journey to a better life, the overall index score dropped to 45.8 in 2021 from 50.1 in 2019.
  • Although progress has been made towards goals, more seem to be lacking in purpose and losing their drive to overcome struggles in life as financial concerns and emotional and mental stress weigh them down.
  • Fewer also feel fulfilled in life.

AXA Insurance Singapore today announced the findings of the AXA Better Life Index 2021 which revealed that family appears to be playing a declining role in Singaporeans’ journey to a better life compared to two years ago, before the COVID-19 pandemic hit.

Financial freedom (40%) has overtaken having a happy family (34%) as the second most important purpose in life for Singaporeans, while good health continues to be the top ranked purpose in life (53%). This shift in life purpose is seen particularly in the Millennial and Baby Boomer generations.

In tandem with this shift, more Singaporeans have added financial goals such as financial protection and wealth accumulation into their short- and long-term goals, whereas fewer have family-related goals. Correspondingly, less count family support as a factor that empowers them to achieve their goals. For Generation Z, having good saving habits has replaced family support as the top factor of empowerment for achievement of long-term goals.

“The results have shown that the pandemic has inevitably changed how Singaporeans think about their future, with many reassessing their goals as well as focusing on more pragmatic aspects such as personal finance to build up resilience,” said Jean Drouffe, Chief Executive Officer, AXA Singapore. “We are always ready to support Singaporeans in taking steps to secure their financial future, so they can confidently refocus on the other things that matter to them in their life journey.”

Commissioned by AXA and conducted by NielsenIQ, the AXA Better Life Index 2021 seeks to understand how Singaporeans define a better life and how they are progressing on their journey towards it – diving into their life purposes, short- and long-term goals, progress and struggles towards their goals, and sense of fulfilment – compared to in 2019 when the Index was first launched.

It is based on a survey of 1,562 Singaporeans aged 18 to 65 across four generations – Generation Z, Millennials, Generation X, and Baby Boomers. Conducted in May 2021, it takes into account three components based on the concept of a life journey – Realisation, Empowerment, and Achievement.

Fewer feel a sense of purpose and fulfilment despite making progress in their goals

In 2021, the overall index score deteriorated to 45.8. Scores for two of the three sub-indices – Realisation and Empowerment – also recorded declines whereas the score for the Achievement sub-index saw a slight increase.


Overall Better Life index score

Realisation sub-index score

Empowerment sub-index score

Achievement sub-index score


45.8 (-4.3)

52.7 (-5.4)

41.9 (-5.6)

45.4 (+0.6)







Amid the pandemic, fewer Singaporeans were found to be leading a life with purpose and fulfilment, even though more have made progress towards their goals and feel satisfied with their progress.

Realisation sub-index: More lack purpose in life and short-term goals

In the Realisation sub-index, Singaporeans were asked about their purpose in life as well as their goals. With a drop in score to 52.7 in 2021, the findings revealed that Singaporeans seem to be losing their purpose in life and fewer have set short-term goals to work towards.

The proportion who said they have a purpose in life dropped significantly (69%, down 6 percentage points), an indication that the pandemic could be impacting the life trajectories of Singaporeans. When asked about their goals, significantly fewer said they have short-term goals (67%, down 11 percentage points), with the largest declines seen among Baby Boomers (49%, down 21 percentage points) and Generation Z (71%, down 13 percentage points). The proportion of Singaporeans with long-term goals remained consistent at 56%.

Financial goals are featuring more prominently in Singaporeans’ top goals. For Baby Boomers, significantly more have financial protection in their short-term (51%, up 20 percentage points) and long-term (48%, up 5 percentage points) goals compared to two years ago. For Generation Z, more are focusing on wealth accumulation, which has emerged as one of their top long-term goals (43%, up 4 percentage points).

Empowerment sub-index: Financial concerns and emotional and mental stress weighing people down

In the Empowerment sub-index, Singaporeans were asked about the struggles they face in realising their goals, their commitment to overcome these struggles, and factors that would empower them to achieve their goals. With a score of 41.9, this sub-index had the lowest score and it also saw the largest decline compared to 2019 as the impact of the extended and frequently evolving pandemic weighs on individuals.

Among the struggles that Singaporeans face, emotional and mental stress has risen in rank compared to two years ago, brought on by the pandemic and the changes and challenges that have come with it. Many still grapple with financial concerns, namely the increasing cost of living (45%) and inability to save enough money (33%) which remain the top two struggles Singaporeans face as they work towards their goals. Inadequate financial knowledge (33%) has become a struggle for significantly more Generation Z youth as they strive to build their wealth.

The persistent uncertainty surrounding the pandemic may have caused some Singaporeans to lose their drive to overcome struggles in life. Fewer said they were committed to investing effort, time, and money to overcome the struggles they face in achieving their short-term (49%, down 8 percentage points) and long-term (51%, down 11 percentage points) goals compared to in 2019. Millennials and Baby Boomers recorded the greatest drop in commitment.

Achievement sub-index: Progress made towards goals but fulfilment declines

The Achievement sub-index, which delves into Singaporeans’ progress towards their goals, satisfaction in their goal achievement, and sense of fulfilment in life, saw a slight increase in its score to 45.4 in 2021.

Encouragingly, Singaporeans appear to be on track in their progress towards their life goals even with the disruptions caused by the pandemic.

Although one in two said that COVID-19 had impacted their progress, there was a significant increase in those who have made progress in their achievement of short-term goals (54%, up 7 percentage points), while progress towards long-term goals showed a smaller increase (51%%, up 4 percentage points).

Similarly, more said they feel satisfied with their achievement of short-term (53%, up 6 percentage points) and long-term (54%, up 7 percentage points) goals. Millennials are the generation most satisfied with their goal achievement, however around half do not feel satisfied with their achievement of top financial goals, namely financial protection in the short-term and wealth accumulation in the long-term.

On the other hand, when looking beyond life goals, the results revealed a drop in overall fulfilment in life (47%, down 3 percentage points). Among the four generations surveyed, Baby Boomers who were the most fulfilled generation two years ago saw the largest decline (44%, down 14 percentage points), while Generation Z was the only cohort who bucked the trend with more feeling fulfilled in life (51%, up 8 percentage points).

“As we move forward from the pandemic, having a sense of purpose and meaning in life as well as clear goals to strive for will be imperative for everyone, particularly the younger generations who have a longer future ahead of them. With the AXA Better Life Index, we want to get people to intentionally consider what a better life really means to them, and to also partner with them to practically work towards achieving their financial goals which are clearly top of mind for many Singaporeans,” added Drouffe.


AXA Insurance is part of the AXA Group, a worldwide leader in insurance and asset management with 153,000 employees serving 105 million clients in 54 countries. Present in Singapore since 1969, AXA Insurance has been serving the general and life insurance needs of individuals and companies in Singapore through a wide range of innovative products. As one of the top global insurers in Singapore, AXA Insurance protects more than a third of a million customers in Singapore. As a company whose business is about protecting people, AXA Insurance is committed to building a stronger and safer society by empowering customers to live better lives.

For more information, please visit www.axa.com.sg.


Imran Khan

Email: imran.khan@mslgroup.com

Neo Jie Xin

Email: jiexin.neo@mslgroup.com

Dorlisa Goh

Email: dorlisa.goh@axa.com.sg

Samantha Yong

Email: samantha.yonghp@axa.com.sg