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4 in 5 Singapore residents prioritising savings, investments and insurance amongst others despite expectations of a tough year ahead: AIA Live Better Study
18-29 year olds significantly more optimistic and feel more financially prepared to confront the year compared to 40-49 year olds.
SINGAPORE – Media OutReach Newswire – 6 February 2025 – AIA Singapore today announced findings from the seventh edition of the AIA Live Better Study, which reflects the evolution of a society where more than 4 in 5 (83%) of Singapore residents plan to actively manage their finances amid concerns of a sluggish economy in 2025. The survey aims to uncover the aspirations and concerns of Singapore residents as they navigate these challenging times in the new year.
The study also found a stark contrast in the temperament and financial preparedness between two age groups. While more than half (54%) of those aged 18 – 29 feel financially prepared to tackle the challenging economic situation in 2025, only 34% of those aged 40 – 49, many of whom are taking care of their parents or kids, share similar sentiments.
Conducted in November 2024, the AIA Live Better Study[1] investigated the evolving financial, health, and wellness needs of Singapore consumers. Against expected muted economic growth in 2025[2], this year’s study explores the mindset and actions of Singapore citizens and PRs as they navigate these challenging times.
Unsurprisingly, only 47% of Singapore residents are optimistic about the economy. Inflation and cost of living (50%) remain the top economic concern amongst the population, followed by worries over job security (35%) and income levels (34%).
“Despite the expectation of challenging times, the people of Singapore are showing remarkable resilience and proactiveness. This reflects a maturing society which has a better understanding and appreciation of the value of planning early and planning well for their future and that of their loved ones, which is especially noteworthy as we celebrate Singapore’s 60th birthday this year,” said Irma Hadikusuma, Chief Marketing and Healthcare Officer at AIA Singapore.
“AIA Singapore is committed to supporting the community with compelling solutions, tools and resources needed to overcome today’s challenges and secure a prosperous future. Our mission is to help people live healthier, longer, better lives, ensuring financial and overall well-being,” she added.
Securing financial resilience: Insurance and investments take centerstage in long-term financial plans
Rather than wringing their hands in despair, Singapore residents are taking on a positive mindset with more than 1 in 2 (54%) indicating that financial readiness in the long-run is more important to them in 2025 compared to the previous year.
The top three priorities Singapore residents believe will help them achieve financial security are savings (62%), a stable income (57%), and to have emergency funds (52%). Notably, 1 in 2 (48%) Singapore residents also cited insurance as an important way to ensure financial stability, a positive indication of an increased understanding about the importance of insurance as part of long-term financial planning.
Looking ahead, Singapore residents have plans to uptake a myriad of long-term financial solutions to prepare against the volatile economy in 2025:
- Approximately 3 in 5 (59%) Singapore residents are tightening their purse strings and planning to spend less on daily expenses or big-ticket purchases.
- Singapore residents are making plans to build emergency funds (29%), plan for retirement (28%), and diversify investments (27%) to strengthen their long-term financial readiness.
- Singapore residents are likely to see an increased uptake in endowment and investment plans as over a fifth of respondents intend to boost their expenditure towards insurance (22%) and investments (27%) in the coming year.
AIA Singapore offers a comprehensive range of compelling solutions designed to align with the unique aspirations of individuals and families, encouraging them to start their savings journey early. By leveraging the power of compounding interest, we help individuals and their families grow their investments for the long-term and secure a prosperous future. AIA insurance representatives are here to provide personalised guidance to help you make informed decisions about your financial well-being.
Balancing the budget in preparation for rising healthcare expenses
A substantial subset when it comes to Singapore’s cost of living is healthcare costs. Aligned with Health Minister Ong Ye Kung[3], the study noted that the increasing cost of healthcare is a key economic concern that must be addressed. Key insights include:
- More than half (53%) of Singapore residents perceive healthcare costs to be expensive.
- Yet, less than half (47%) feel financially prepared to manage these costs, calling for more support, financial and non-financial, by both the government and private sectors.
- Singapore residents are taking matters into their own hands, planning to combat the potential high healthcare costs via insurance plans (57%), personal savings (56%) and government healthcare financing and support (49%).
A Generational Gap: 18 – 29 year olds are stressing and skimping less compared to their 40 – 49 year old counterparts
Many in their 40s are feeling the pressures of being in the sandwiched generation, and they are the most pessimistic about their outlook for 2025 across all demographics. This is in comparison to the more optimistic demographic of 18 – 29 year olds in Singapore.
Financial Priorities Shift with Age: From Experiences to Stability
Despite the nation’s overall sentiment, the younger generation (aged 18 – 29) are less stressed about the economy and are less likely to take steps towards financial preparedness. This is in contrast to Singapore residents in their 40s.
- The younger generation is more optimistic (56%) about the economy than those in their 40s (38%),
- They are less concerned about inflation and cost of living (34% compared to 63%).
- Fewer 18-29 year olds strive to be debt and loan free (16%) compared to their older counterparts (28%).
- Less than 2 in 5 (34%) younger adults foresee themselves cutting back on daily expenses and only 35% planning to reduce their budgets for big-ticket items.
- In contrast, approximately 1 in 2 (47%) of those in their 40s will be cutting their daily spending and 45% will be reducing purchases of big-ticket items.
This could be attributed to their current phase in life – between completing their education and starting their working life – those between the ages of 18 and 29 are focused on experiencing the fun and joys of life[4].
Stresses on the Job Market
Having stable employment is important to all Singapore residents regardless of age. Approximately 1 in 2 (47%) of those aged between 18 and 29 years old, and approximately 3 in 5 (61%) of those in their 40s cited it as an increasingly important aspect of their overall wellness in 2025.
However, their likely approach to pre-empting a potential loss of job differs:
- While the younger ones prioritise upskilling (40%) more than the older generation (28%),
- The latter will focus on building their savings (55%) and setting aside emergency funds (46%).
Even the support that the two age groups require differs:
- While 18 – 29 year olds find mental health and well-being support (40%) to be more important,
- 40 – 49 year olds would prefer more practical support in the form of job placements, career transition services (52%) and access to online training and upskilling programmes (47%).
The differing reactions and behaviours towards the economy underscore the stage of life that both groups are in. While the younger generation is still learning to live life and experience the joys that come with it, those in their 40s recognise the many responsibilities they have. While their approaches differ, both generations share the goal of securing a stable future in challenging times.
[1] The seventh wave of the AIA Live Better Study is an independent study that was conducted from 29 November to 9 December 2024 with a sample size of 1,000 representing Singapore’s general population.
[2] ‘Economic trends to watch for Singapore in 2025’ (Jan 1, 2025) The Straits Times. Available at: https://www.straitstimes.com/business/economic-trends-to-watch-for-singapore-in-2025
[3] ‘Healthcare costs are rising in Singapore. Is there really nothing we can do about it?’ (Nov 23, 2024) CNA. Available at: https://www.channelnewsasia.com/cna-insider/healthcare-costs-rising-singapore-hospitals-government-subsidies-moh-4764391
[4] ‘The Big Read: Understanding why millennials and Gen Zers feel the way they do about work’ (Jul 30, 2022) CNA. Available at: https://www.todayonline.com/big-read/big-read-understanding-why-millennials-and-gen-zers-feel-way-they-do-about-work-1956641
Hashtag: #AIASingapore
The issuer is solely responsible for the content of this announcement.
About AIA
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR[1], Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR[2], and a 49 per cent joint venture in India. In addition, AIA has a 24.99 per cent shareholding in China Post Life Insurance Co., Ltd.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$289 billion as of 30 June 2024.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 42 million individual policies and 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock codes “1299” for HKD counter and “81299” for RMB counter with American Depositary Receipts (Level 1) traded on the over-the-counter market under the ticker symbol “AAGIY”.
Hardware Built for Local Conditions
The company isn’t just showing off standard gear; they’ve brought systems specifically designed to handle the challenges of the local energy landscape.
- PowerX1 Hybrid Inverters: Intelligent energy management, seamlessly switching between solar, battery, and grid for stable, uninterrupted power. Supports multi-source integration and rapid power transition.
- Powerinfi All-in-one ESS: ISO 13849 PL-d and IEC 62443 certified for functional safety and cybersecurity. Features a multi-layer battery safety system within a compact design.
- Advanced Solar & System Protection: Incorporates N-type HOT3.0 solar cell technology for enhanced low-light performance. The system boasts an IP66 rating for superior dust and water resistance.
A New Partnership with MIA Group
The big news from the show floor is the new Annual Channel Distribution Strategic Partnership with MIA Group. MIA Group is already a household name in Pakistan for HVAC and energy, and this deal means they’ll be the main bridge for Midea Hiconics’ tech to reach the local market.
“We’re excited to get to work with MIA Group,” a Midea Hiconics spokesperson said. “They have the reach and the local knowledge we need. By putting our hardware in their hands, we’re making it much easier for people here to switch to reliable, clean energy without the usual headaches.”
Media Contact:
Midea Hiconics Press Office
Website: https://www.hiconics-global.com/
Location: Solar Pakistan 2026, Booth A-3-8
Hashtag: #MideaHiconics
The issuer is solely responsible for the content of this announcement.
About Midea Hiconics
Midea Hiconics (SHE: 300048) has been around since 2003 and joined the Midea Group in 2020. They focus on green energy, home storage, and industrial tech, building smart tools that help people take control of their own power.
Check out https://www.hiconics-global.com/ for more info.
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Green SM And Umoney Partner To Build An Integrated Mobility And Digital Finance Ecosystem In Laos
Under the agreement, Umoney will be integrated as a direct payment method within the Green SM app. The two parties will also implement an embedded integration model enabling Umoney users to seamlessly access Green SM’s mobility services directly within the Umoney platform.
For the first time in Laos, customers will experience a fully seamless ride-hailing journey with fares processed instantly via the Umoney e-wallet upon trip completion, replacing the previously common manual bank transfer method. Users simply link their Umoney wallet to the Green SM app for fast, convenient, and fully cashless transactions. Additionally, customers using partner banking applications can pay drivers through Umoney’s QR system, delivering a flexible, fast, and secure payment experience that enhances user convenience and broadens customer reach across both platforms.
As part of the collaboration, Green SM Laos will provide comprehensive mobility solutions for Umoney’s enterprise partners and individual customers, including Green SM Car electric ride-hailing, Green SM Limo, Green SM Airport transfer services, as well as corporate travel packages and flexible, customized mobility plans. Umoney, in turn, will collaborate with Green SM to develop digital financial and payment solutions tailored for drivers within the Green SM ecosystem, encompassing e-wallet services, direct income disbursement, operational expense payments, and cash flow management tools. This synergy is designed to optimize operational efficiency while enhancing the experience for businesses, drivers, and end-users alike.
Beyond mobility and payment solutions, both parties plan to expand their shared digital services ecosystem by integrating Umoney and Unitel’s telecommunications and digital utilities into the Green SM platform, including SIM card registration, mobile top-ups, data package purchases, and other digital services, thereby enhancing the value proposition for users across both platforms.
The two companies will also jointly roll out customer benefit programs targeting Umoney users in Laos, with a particular focus on airports, transaction points, and key high-traffic locations. Through integrated service offerings and incentives promoting electric mobility, Green SM and Umoney aim to foster environmentally responsible travel habits while delivering greater value to customers within their shared ecosystem.
Mr. Ha Chien Thang, Director of Star Fintech Sole Co., Ltd, shared:”Our partnership with Green SM marks a significant milestone in Umoney’s strategy to develop a comprehensive digital finance ecosystem in Laos. The integration of payment capabilities and digital services not only enhances user convenience but also contributes to the advancement of cashless payments and the broader digital transformation of the economy.”
Ms. Tran Hanh An, Director of Mobility Services Sales at Green SM Vietnam & Laos, stated: “The partnership between Umoney and Green SM reflects a shared commitment to connecting the essential infrastructures of modern urban life, from digital finance and telecommunications to a green mobility ecosystem. Through this collaboration, we aim to expand benefits for our customers and driver community while driving meaningful green transformation that is firmly grounded in everyday mobility and consumption needs.”
Furthermore, Green SM and Umoney will collaborate on multi-channel communications initiatives to strengthen brand awareness and expand their combined customer base. Planned activities include co-branded campaigns, promotional programs for new users, digital platform communications, and on-ground experiential activations in key markets.
The partnership between Green SM and Umoney marks a significant convergence of two leading ecosystems in green mobility and digital finance in Laos, united in their pursuit of integrated service solutions that meet the increasingly diverse demands of modern urban life. This collaboration also represents a pivotal step toward fostering innovation, elevating the user experience, and contributing to the sustainable growth of the digital economy in Laos.
Hashtag: #GreenSM
The issuer is solely responsible for the content of this announcement.
Global Leaders Converge to Shape the Future of Higher Education in Asia
HONG KONG SAR – Media OutReach Newswire – 24 April 2026 – The Hong Kong University of Science and Technology (HKUST) and Times Higher Education (THE) co-hosted the Asia Universities Summit 2026 from April 22 to 24. Under the theme “Igniting Global Transformation: Asia’s Leadership,” the three-day premier event explores Asia’s pivotal role in reshaping global innovation and addressing pressing societal challenges through higher education.
The Summit holds particular significance as it coincides with HKUST’s 35th anniversary and marks a decade of partnership between the University and THE since the inaugural summit. This year’s event has attracted over 600 university presidents, policymakers, and industry titans from 25 countries and regions, underscoring a collective commitment to advancing the academic landscape across the continent.
The Summit officially commenced on April 22 at HKUST’s Shaw Auditorium, with the opening ceremony officiated by Dr. SZE Chun-Fai, Jeff, Acting Secretary for Education of the Hong Kong Special Administrative Region (HKSAR) Government; Prof. Nancy IP, President of HKUST; Phil BATY, Chief Global Affairs Officer, and Mei Mei LIM, President, Asia Pacific, from THE.
In her opening remarks, President Ip underscored the need for cross-border collaboration and the evolving role of universities in a rapidly changing world. She said, “As HKUST celebrates its anniversary and a decade of partnership with Times Higher Education, we gather at a defining moment for our region. Asia is increasingly shaping the direction of global innovation, talent development, and societal transformation. In this era of rapid technological advancement and constant change—from artificial intelligence to climate resilience—the challenge of progress lies in anticipating needs and shaping solutions, which calls for a fundamental rethinking of how universities lead. At HKUST, we firmly believe that no single institution can address these global challenges alone; progress will come through openness, partnership, and shared responsibility.
Hong Kong is unique in being the only city in the world with five universities ranked among the global top 100, underscoring its role as a leading international hub for exchange and innovation. Building on this strength, HKUST has initiated dialogues with the world’s leading universities and invited them to Hong Kong to explore opportunities for a university town. This Summit reflects our long‑standing commitment to bringing institutions together to exchange ideas, build meaningful collaborations, and take collective action. By convening leaders from across Asia and beyond, we aim to turn thoughtful dialogue into real impact for our communities and for society at large.”
Dr. SZE Chun-Fai, Jeff, highlighted Hong Kong’s unique position as an international education hub, stating, “Universities today are not only centers of knowledge creation but also powerful drivers of innovation, resilience, and societal impact. In an era of rapid technological advancement, higher education must translate cutting-edge research into real-world solutions that address global challenges. HKUST exemplifies this excellence and achieves remarkable rankings, with its entrepreneurial story equally unmatched, demonstrating the worldwide impact of its research discoveries. Hong Kong has long served as the world’s super-connector and super-value adder, bridging East and West. Our highly internationalized and diversified post-secondary education system positions us ideally to facilitate this convergence between global academic networks and the opportunities of the Chinese Mainland and the wider region. Education, technology, and talent form a foundational triad for success. By fostering talent attraction, interdisciplinary education, industry-academic partnerships, and research collaborations with our counterparts elsewhere, we are building a vibrant ecosystem that strengthens Hong Kong’s innovation edge, contributing to Asia as well as national development.”
Phil Baty reaffirmed THE’s enduring partnership of trust with HKUST and celebrated Asia’s rising global influence, stating, “A decade ago, right here on this stunning campus, THE launched its first-ever Asia Universities Summit. Today, we are witnessing a tilt in the balance of power in global higher education and research from the West to the East. This extraordinary trajectory is driven by Asia’s booming research productivity and global ambitions. Hong Kong, with five universities now ranked among the world’s top 100, stands at the heart of this transformation—a city which we believe will remain the flagship atop the rising tide across Asia, cementing its position as a world-leading powerhouse. New knowledge creation is not a zero-sum game, as we all gain from the leapfrogging Asian university sector. This Summit is a celebration of your excellence and the glorious diversity of our academic community.”
Following the opening ceremony, President Ip joined Prof. Martin O. BERGÖ, Vice-President of Karolinska Institutet, in a keynote fireside chat on longevity science. The discussion explored how advances in biomedicine, neuroscience, and translational research can extend both lifespan and healthspan, while contributing to resilient and equitable societies. President Ip shared insights from her pioneering neuroscience research, including the University’s efforts to decode the biological basis of healthy aging. She said, “Healthy aging is not just about adding years to life, but adding life to our years. We need a paradigm shift from reactive to proactive care. At HKUST, we are focused on monitoring risks for any diseases early and implementing preventive measures. Longevity science is about extending the ‘healthspan’ and as a university, we have much to offer through our research and collaborations. We are uniquely positioned to contribute to this field.”
A spotlight on the first day was a fireside chat between Prof. Harry SHUM, Chairman of the HKUST Council, and Judson ALTHOFF, CEO of Microsoft’s Commercial Business. The dialogue delved into the transformative power of AI across both industry and academia, discussing how universities can collaborate with global technology leaders to prepare students for an AI‑pervasive world. Emphasis was placed not only on technological capability, but also on trust, critical thinking and mindset change within institutions.
Prof. Shum underscored the importance of embracing AI across disciplines, “For our university, at this time, the number one priority is really a mindset change—to focus on AI for science, engineering, business, humanities, and medicine. AI is already here. We do not have to be afraid of this technology. It is a powerful new tool for us and a wonderful thing that we must learn and master to drive growth and innovation.”
Throughout the Summit, President Ip participated in two leadership meetings with over 15 university presidents and senior leaders from institutions across Asia, engaging in candid, strategy‑focused exchanges on shared regional challenges. One session examined how Asia’s emerging innovation corridors—from the Greater Bay Area to other fast‑growing technology belts—can redefine global technology leadership, with discussions centered on governance models and cross‑border collaboration. Another session focused on shaping next‑generation cities, exploring how universities can align research, talent development and policy engagement to support sustainable urban transformation amid rapid technological and societal change. These high-level dialogues emphasized the need for strategic alignment between academic research and regional development, reinforcing the Summit’s mission to leverage Asian leadership for global transformation through collaborative institutional design and shared expertise.
Across a series of high‑level sessions, HKUST senior leadership played an active role in shaping discussions on inclusive leadership, trusted AI in higher education, research commercialization, climate resilience, and global research collaboration. The sessions examined how universities can strengthen governance frameworks to ensure the responsible and ethical use of AI, while cultivating innovation ecosystems that translate research outcomes into socio-economic impact.
The dialogue also addressed strategies for nurturing entrepreneurship, climate‑proofing rapidly growing cities through interdisciplinary engineering approaches, and sustaining borderless research collaboration amid rising geopolitical and regulatory pressures. Collectively, these contributions highlighted HKUST’s commitment to advancing responsible innovation, international partnership, and university leadership attuned to Asia’s evolving challenges and global responsibilities.
The three-day event concluded with a closing ceremony, cementing new strategic partnerships and a shared vision for the future of higher education in the region.
Download photos here: https://hkust.edu.hk/news/hkust-and-times-higher-education-co-host-asia-universities-summit-2026
Hashtag: #HKUST
The issuer is solely responsible for the content of this announcement.
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