The latest TELUS Mental Health Index, released today, indicates that whilst the mental health of Singaporean workers has reached its highest point since 2022, financial stress remains a significant concern. The report highlights that 66% of workers are anxious about meeting basic financial needs, and 20% have cut back on health spending due to economic pressures.
The Index, which measures the mental health of workers, shows an overall score of 63.5, marking a modest improvement. However, financial insecurity continues to be a leading stressor, with 69% of workers reducing their spending in recent months. Those without emergency savings report an average mental health score of 36.2, significantly lower than the 73.2 score of those with savings.
Financial strain is particularly pronounced among workers with an annual household income below S$150,000, who are less confident in meeting their needs compared to higher earners. The report also notes that 35% of workers feel their mental health negatively impacts their productivity, whilst 53% experience reduced concentration due to poor sleep.
Leadership readiness to address mental health issues remains a challenge, with only half of people leaders feeling equipped to manage such concerns. Furthermore, communication about workplace wellbeing programmes is often unclear, with 25% of workers rarely receiving information on available resources.
The findings underscore the need for a comprehensive approach to mental health in the workplace, emphasising the importance of clear communication and tailored wellbeing services. As Singapore’s economy continues to face inflationary pressures, addressing these mental health challenges becomes increasingly crucial.
