Financial fitness is a major factor when it comes to the quality of life: Study
Developed markets scored lower than those in emerging markets.
The overall quality of life index averaged 75 in 2023, whilst developed markets like Singapore and Hong Kong are poised for a lower standing, HSBC reported.
In its latest Quality of Life Report, the index measures three key factors: physical health, mental wellness, and financial fitness.
The report further highlighted the necessary elements that make a good quality of life. Respondents take into consideration: physical health, stable income, quality time with friends/family, mental health, emotional health, travel, spiritual wellness, home ownership, career success, and passive income.
In comparison, the developed markets scored lower than those in the emerging markets. The bottom two were Singapore and Hong Kong at 68, respectively. The UK then followed . with 69 and the US with 70.
For emerging economies, Malaysia had 77 – the lowest in the category. It was followed by China (79), Mexico (79), the United Arab Emirates (80), and India (80).
In Asia, Singapore and Hong Kong rated themselves lower in mental wellness, both at 61. Singapore ranked physical wellness next (66) and then financial wellness (80). Hong Kong showed the same results other than physical wellness rated at 65.
- India scored the following accordingly: financial fitness (85), physical wellness (81), mental wellness (77).
- China scored the following accordingly: financial fitness (83), physical wellness (80), mental wellness (75).
- Malaysia scored the following accordingly: financial fitness (82), physical wellness (78), mental wellness (71).
Globally, mental wellness scored the lowest among the three key factors with 70. This was followed by physical wellness (73) and then financial fitness (82).
The report gathered insights from 2,250 high-net-worth individuals worldwide. Each market surveyed 250 individuals in 30 March to 9 April. In terms of age, the sample ranged from 25 years old to 69 years old.