Study: Only 3 in 10 Singaporeans Take Sustainable Actions
There is a gap between sustainability awareness and actual behaviour; financial products supporting sustainability play a larger role in building a sustainable future.
Many respondents say that sustainability improves health by creating a cleaner and greener environment.
Singlife, a leading Singaporean insurance business, has recently launched its Sustainable Future Index (SFI) 2024 to show how Singaporeans think and act about sustainability.
The survey, conducted on 1,000 Singaporeans and Permanent Residents (PRs) from diverse backgrounds, sheds light on how they view sustainability and what measures they are taking.
According to the survey, many people know about sustainability but do not take the necessary steps. 7 in 10 respondents said sustainability is important for the future, but only 3 in 10 are taking measures towards this goal, showing a gap between sustainable awareness and actions.
Sustainability improves health, reduces pollution, and protects the environment, opined more than 70% of respondents.
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The survey also throws light on people's awareness of sustainable financial products. Only 23% know about investment products that step up sustainability actions. Millennials and Gen Zs are confused about where to start investing in sustainable products. Some believe that these products have relatively lower returns, making them hesitant.
64% do not consider sustainability while investing in insurance products, but more than half plan to in the future.
Chia Ko Wen, Head of Sustainability, Singlife, said: “A sustainable future requires a collective endeavour from all Singaporeans. At Singlife, we are committed to charting a better way to sustainability. The Sustainable Future Index helps us to first understand the mindsets and behaviours of Singapore consumers towards sustainable living on a deeper level.
"This understanding must also translate into taking necessary and urgent action towards building a sustainable future for our next generation. We believe that these findings underscore the practical benefits of sustainable living, which extend beyond making a positive impact on the environment and include long-term advantages for personal health and financial wellbeing.”
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Singlife works towards sustainability by offering financial products like dementia cover, electric vehicle insurance, and ESG investment options to support sustainability. They say that mere recycling and other small actions alone cannot lead to sustainable efforts; financial choices also play a bigger role in building a sustainable future.
To learn more about the survey and how sustainability is taking shape in Singapore, click here.
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Source: Singlife
