The results of the 2022 +FACTOR Study, released by HSBC Life to commemorate World Mental Health Day, which fell on October 10th, show that financial concerns from the COVID-19 pandemic took a backseat to concerns about saving enough for retirement, the economic impact of the pandemic, and paying for medical bills incurred due to illness.
The strongest change in behavior was physical in mainland China, where 50% of respondents reported paying more attention to hygiene and exercise. In contrast, Singaporeans (42%) and Hong Kong residents (45%) reported leading more digital lives and embracing remote working practices. The biggest shift in the UK was in mental health, where there was a greater emphasis on mental health management and more calming activities like yoga or meditation.
Launched in 2021, the global survey includes the UK, mainland China, Hong Kong, and Singapore. In the 2022 study, 6,829 participants from Hong Kong (n=1,024), mainland China (n=1,619), Singapore (n=1,039), and the UK (n=3,147) were polled online about their habits, beliefs, and plans in the areas of physical, mental, and financial well-being.
According to the poll, respondents were more concerned about their financial status this year (46% compared to 41% last year). In 2022 compared to 2021, the average stress score increased to 61.
Despite increasing levels of stress, respondents' physical, mental, and financial resilience improved in 2022 as they focused more on leading better, more balanced lifestyles, engaging in social contacts, and budgeting their finances. According to the study, respondents with high levels of resilience across all three aspects are likely to experience an improvement in general wellbeing.
The relationship between the emotional, financial, and physical dimensions is obvious, according to Mr. Greg Hingston, CEO of Global Insurance and Partnerships at HSBC Life. The other dimensions improve when one does. There is a compounding effect when issues with physical, mental, and financial health are all addressed. Together, they increase enjoyment, satisfaction with life in general, and confidence in completing goals. Well-being is driven by resilience.
Other significant findings from the study include:
1. To keep up with a complex environment, put an emphasis on health and resilience.
According to 61% of respondents in 2022 (up from 52% in 2021), teaching good habits is now more crucial than teaching money.
• Mainland China: "listen to my body more; engage in more social engagement"
Spend more time with family in Hong Kong.
Improve financial planning in Singapore.
• Have more me time in the UK
2. There is a strong link between many health factors and their enhancement of contentment and life satisfaction.
The most happy and fulfilled people are those who are in good physical, mental, and financial health and are resilient. They also have the greatest confidence in their ability to achieve their goals.
3. Powerful inducers of health and resilience improvement
A theme that ran through all markets was the importance of setting a good example (for kids, dependents, partners, and friends), which was related to the rise in popularity of healthy behaviors as a desired legacy.
4. Highly resilient individuals are strategic, detailed, and proactive
According to resilience drivers across the dimensions, people with high levels of resilience are not just strategic about their physical, mental, and financial well-being, but also particular and action-oriented. For instance, compared to 20% of those with low physical resilience, 82% of those with high physical resilience feel more confidence in their ability to achieve their goals. Comparatively to 22% of those with low financial resilience, 4/5 of those with high financial resilience reported they are content with their quality of life, which is the primary factor in happiness.
5. Obstacles to obtaining targeted levels of health
Although time constraints and the demands of job and family life are common problems in all three dimensions, inherent flaws in one area might inhibit development in another.
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