SINGAPORE: A recent survey conducted by local financial services provider Singlife has highlighted a significant gap between consumer awareness of sustainable development and their actual efforts to contribute to it. While 70% of Singapore consumers recognize the importance of sustainable living, only 30% actively participate in sustainable practices.
The survey, which was conducted between June and July 2024, involved 1,000 local citizens and permanent residents aged 18 to 64. Singlife launched the survey as part of its first-ever Sustainable Future Index, aimed at gaining a deeper understanding of local attitudes, behaviors, and habits related to sustainable living. The survey examined responses based on 16 key indicators across four central themes: the environment, society and self, financial health, and health and well-being.
One of the most striking findings of the survey was the overwhelming belief among respondents that improving health, such as reducing pollution and protecting the environment, is their primary motivation for pursuing a more sustainable future. More than 70% of participants cited health-related concerns as a key driver for supporting sustainable development.
However, the survey also underscored the need for a more substantial commitment to sustainability practices. While common actions like reducing single-use plastics and basic recycling are important, they are seen as insufficient in creating long-term, sustainable systems. Experts emphasized that a more comprehensive approach, focusing on renewable, resilient, and sustainable systems, is required to truly achieve a sustainable future.
The Sustainable Future Index also revealed a knowledge gap when it comes to sustainable investment options. A large portion of respondents were unaware that certain investment products could contribute to sustainable development. This lack of awareness, coupled with insufficient information about sustainable practices, has been identified as a barrier to consumers engaging in sustainable investment products.
Currently, 64% of consumers do not consider sustainability factors when making decisions about insurance and investment products.
However, the survey also found that more than half of these individuals intend to factor sustainability into their decision-making in the future, signaling a potential shift towards more sustainable financial choices in the coming years.