So, we came in second for Asia’s happiest people just behind Taiwan in the World Happiness Report. Singapore is indeed a prosperous nation with comparably high levels of wealth, low crime, high employment, an educated population, good food and a developing arts scene, among other attributes. But, are Singaporeans really happy?
How Happiness was measured in the report
Let’s find out how the report measures our level of happiness.
First, thousands of respondents from each country are asked to rate their subjective well-being using Cantril life ladder questions. The report also analyses levels of happiness by looking at factors such as:
- Social support – do respondents feel they have someone to turn to when in need?
- Life expectancy – life expectancy at birth based on data from WHO
- Freedom to make life choices – how satisfied respondents feel with their freedom to choose what to do with their lives
- Generosity – respondents’ history of donation to a charity
- GDP per capita – Purchasing Power Parity (PPP) taken from the World Bank
- Perceptions of corruption – respondents’ feelings on governmental and commercial corruption
- Positive and negative effects – general sentiments and mood
Singapore second to Taiwan on Asia’s happiest
Source: World Happiness Report
Read the full report here.
Singapore did best in perceptions of corruption, ranking number 1 worldwide in which Singaporeans feel that our governmental and commercial sectors are honest and upright with strict laws against corruption. We scored well in the economic component too, with our GDP per capita ranked global number 2 behind Luxembourg. Singapore also did well on life expectancy, ranking 2nd globally behind Hong Kong.
We fared poorly in overall mood and did average in all other areas.
True happiness in fulfilment?
We arguably had the environment well set up for happiness—high GDP per capita, a well supported and developed healthcare system, and low levels of corruption. Why, then, do we still have more negative sentiments (worry, sadness, anger etc.) than the positive ones (e.g. laughter, enjoyment, and doing or learning something interesting)?
A report last year highlighted 2 of the top stressors among Singaporeans are related to personal finance and employment. Another survey showed that more than half of the respondents felt the prospects of their careers and futures are bleak.
In this survey, a majority of the respondents said they “aspired to live a life with good health, a happy family and financial freedom”, and that “the increasing cost of living and being unable to save enough money” as their top obstacles to achieving their short-term and long-term goals.
I ponder:
- Do our young feel confident competing for and securing a good job after their studies?
- Do we feel like we can live a fulfilling retirement?
- Can we weather another crisis, not just financially but also psychologically?
- Are we able to pursue our passions and interests in life?
- Can we spend more time with our loved ones and community?
It seems to me that money itself does not bring happiness, but that being able to fulfill our interests/passions, provide for our loved ones well, and secure a better future. Being confident and hopeful in one’s financial health now and in the future has greater bearing on one’s happiness.
Can Wealthcare® improve happiness?
Of course, I am not saying we shouldn’t dream of becoming rich. What I am saying is that money is not the goal itself, but it’s only one of the means to whatever makes us feel like we’ve lived our lives to the fullest. Time, energy and the health to live out our lives’ meanings are important too.
When we mistake money for our true goals, we may perhaps miss the mark and still feel empty somehow at the end of our lives.
Like healthcare that encompasses diet, exercise, sleep, medical facilities etc., Wealthcare® is Hugo’s holistic approach to promoting financial well-being. It’s about making every spent dollar count, saving as much as we can, and investing some for growth. Wealthcare® is about making sure the financial aspects are well taken care of so we can focus on using our time, energy and health fruitfully.
About the author: Raymond Lo is the Content Marketing Manager at Hugo. He is very proud of his practice of visiting a shop at least 3 separate times to look at something he’s interested in before buying it. Buyer’s remorse has nothing on him, the millennial declared.