Dollars Over Dreams? It’s a Material World for Gen Z Singaporeans
In the pursuit of happiness, the avenues chosen by different generations often reflect evolving societal values and personal priorities. The insights from our latest study, ‘Healthy, Wealthy, or Wise?’ provide a fascinating glimpse into these diverse perspectives. While our previous articles focused on our overall findings and the money vs happiness debate, here’s what our findings specifically reveal about the ambitions and perceptions of Gen Z Singaporeans.
The Evolution of Values Across Generations
The question of what the key factors are for a good life markedly varies across generations in Singapore. While over seven in ten (73%) young Singaporeans aged 15-24 prioritize money and wealth, a marked shift occurs with age. The majority of individuals aged 35-49 value intelligence and sound judgment, while for those aged 50 and above, nearly nine in ten (87%) clearly prioritize health. Tellingly, among seniors, not a single person chose money, hinting at a potential correlation between age and wisdom after all! Perhaps as one gets older, the value of money is put in perspective alongside other aspects of a fulfilling life.
Further examining the desires of younger Singaporeans provides greater insight into their aspirations. When asked, “If you were granted one wish where you could choose one of the following, which would you choose?”, four in five of the younger generation (79%) picked lifelong wealth (the options were being healthy, being wealthy, or being smarter). In contrast, 88% of those aged 50 and above opted for lifelong health. This stark contrast suggests a divergence in priorities between the youth's pursuit of financial riches and the older generation's emphasis on health.
The proverb "money cannot buy you happiness", too, was met with varying opinions. Well over half (55%) of young Singaporeans beg to differ, asserting that money can indeed buy one happiness. In contrast, the older generation is overwhelmingly aligned, with nearly everyone from that generation (97%) holding the belief that happiness is ultimately divorced from monetary success.
Material Mastery vs. Worldly Wisdom
When contemplating factors influencing longevity, well over half (58%) of Gen Z Singaporeans lean towards financial success as the key contributor, followed by being successful in the workplace. Surprisingly, maintaining a healthy diet is the least popular choice among the young, chosen by a mere 3% of respondents. This suggests a rather unhealthy focus (literally!) towards financial success above all else.
Divergent paths also emerge when exploring the factors that evoke joy and those that spark anger. For young Singaporeans, it is material factors that come to the fore when it comes to making them happy - "looking good” and “dressing well” being the top two choices for both the 15-24 and 25-34 age cohorts. For those over 50, appearance is an almost non-existent factor, and personal exercise (49%) and diet (13%) are regarded as the two biggest contributors to happiness. This contrast implies that as individuals age, the significance of actually feeling good surpasses the temporariness of merely looking good. Young Singaporeans may be placing an undue emphasis on more superficial pursuits; after all, our data shows that almost 5 times more Gen Zs derive happiness from looking good (23%) than spending time with friends (5%)!
And looking at a country-by-country comparison, while appearance is seen as important to Gen Zs in other Southeast Asian countries too, it is Singaporean youth who perceive it as most important of all. This raises intriguing questions about the societal influences within Singapore, potentially pointing to the impact of its wealth and hyper-competitive environment as driving factors behind this prioritization of material and appearance-centric values among the youth.
Conversely, identifying the sources of anger unveils generational disparities as well. Young Singaporeans (33%) express anger at not having enough money, making it their top choice. On the other hand, those aged 50 and above vent their frustrations towards politicians and the government. This disparity highlights differing concerns, with youth focused on one’s personal finances and seniors on broader political issues that impact society.
The Core Aspects of Happiness: Control, Choice or Chance?
When offering advice for a happier life, 27% of Gen Z Singaporeans advocate for letting go of worries beyond one's control. Notably, not a single respondent recommends a religious or spiritual approach. This strong resistance towards the “great unknown” may signify a more practical and/or materialistic trend within the younger generation.
Moreover, a nuanced perspective emerges on the question of whether happiness is purely a personal choice or circumstantial. While over four in five (83%) Gen Z respondents believe it depends on circumstances, the older generation (50+) is almost evenly divided, with 49% asserting that happiness is a choice. This suggests a potential evolution in mindset with age, as individuals may become more responsible for their own happiness, or at least their concept of it, over time.
Bridging the Generational Gap: Implications for Society and Governance
This #ASEANScan reveals profound differences between the perspectives of happiness held by young Singaporeans and their older counterparts. The phenomenon of youth perpetually in a hurry seems to endure, propelled – perhaps naively? - by a belief that only wealth and career success will lead them to a meaningful and happy life.
Yet, our data shows clearly that those with more life experience tend to prioritize wealth less. If the younger generation wishes to seek guidance on the ingredients for a fulfilling life, they could do worse than learning and adapting their lifestyles from those who have weathered the passage of time. The findings of our survey also prompt contemplation of societal influences within Singapore. Is it any surprise that Southeast Asia's wealthiest and most competitive economy may be contributing to career anxiety, money-driven pursuits, and a fixation on materialism among its youth?
There is a way forward though! Fostering intergenerational understanding has the potential to nurture a more cohesive and empathetic society, bridging gaps in outlooks on happiness and life satisfaction. Recognizing these distinctions can guide initiatives catering to the well-being of all age groups, fostering a harmonious and inclusive society.
This is the third in our series of articles from our recent study, ‘Healthy, Wealthy, or Wise? The Pursuit of Happiness in Southeast Asia’.
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