The HSBC Life +Factor Study 2022
The HSBC Life +Factor Study 2022 uncovers the link between various aspects of wellbeing. It gained insight into the physical, mental, and financial health habits of people living amidst emerging global trends.
A total of 6,829 respondents from Singapore, Hong Kong, mainland China, and the UK were surveyed for the study. It includes areas such as happiness and the resilience people have built in adapting to an ever-evolving landscape.
The 2022 HSBC Life +Factor Study offers 6 key insights on how physical, financial, and mental health impact our day-to-day lives and future plans.
1. Changes of behaviour in 2022
COVID-19 has changed lives and lead to shifts in people's daily routines. Mental and financial behaviours were altered to adapt to living through a pandemic, coping with increased stress and creating financial buffers.
In Singapore, over half of respondents (52%) still express concern over their financial situation in 2022. Having sufficient retirement fund and medical bills in case of illness are the top 2 concerns on their financial. Their average stress score remains high (61) when respondents were asked about their current stress level.
2. Focus on health and resilience to keep pace with a complex environment
In Singapore, 60% agree (vs. 50% in 2021) that passing on healthy habits is becoming more important than passing on wealth in 2022. Like other markets, this change has also impacted the advice they would give their 15 years younger self:
- Singapore–improve financial planning
- Mainland China–listen to my body more; increase interaction with friends
- Hong Kong–spend more time with family
- The UK–have more 'me time'
3. There is a strong connection between different health dimensions and their positive impact on happiness and life satisfaction
Those who are physically, mentally, and financially healthy/ resilient are the most confident in
achieving their goals, happiest, and most satisfied with their quality of life.
4. Strong motivating factors in improving health and resilience
Setting a good example (for children/ dependents/ partner/ friends) was a common thread among all markets, tying back to the result of healthy habits gaining popularity as one's desired legacy.
5. High resilient people are strategic, specific and action-oriented
Based on resilience drivers across the dimensions, those with high resilience levels are not just
strategic, but specific and action-oriented about their physical, mental, and financial wellbeing.
6. Barriers in achieving desired health levels
Though external factors such as time and demands of work/ family life are common challenges across the three dimensions; internally, deficiencies in one dimension can impede progress in another.
For details of the findings, please refer to the +Factor Study Report below.
The HSBC Life +Factor Study 2022 - Key Findings
The HSBC Life + Factor Study 2021
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Issued by HSBC Life (International) Limited (Incorporated in Bermuda with limited liability).