Money Can Buy Happiness? The Drivers of Mental Wellness in SE Asia

In a world where the boundaries between work, life, and finances continue to blur, the impact of economic factors on mental well-being becomes an increasingly relevant and pressing concern. Blackbox Research, in collaboration with ADNA, embarked on a comprehensive study that delved into the intricate relationship between financial considerations and mental wellness. By speaking to over 9,000 respondents across Singapore, Malaysia, Philippines, Thailand, Vietnam, and Indonesia, the study sought to uncover the nuances of this complex relationship and shed light on the broader landscape of mental health in Southeast Asia.

A Snapshot of Southeast Asia’s Mental Well-being

The first step in understanding the connection between economic factors and mental wellness is to gauge the region's current state of mental well-being. When posed with the question, "What is the state of your mental well-being at present?”, 14% of Southeast Asians are in great spirits, responding either "excellent" (3%) or “very good” (11%). On the other hand, more than one in four (26%) responded to say they felt “not so good” (21%) or “not good at all” (5%).

When we compare countries, we see that Thailand lives up to its “Land of Smiles” moniker, with almost nine in 10 (87%) saying they feel at least okay or better. On the other end of the spectrum, Singaporeans appear to be the unhappiest Southeast Asians, with two in five (41%) choosing the "not so good" to "not good at all" options. This disparity is even more pronounced among older Singaporeans aged 50 and above, where four in five (78%) report feeling not so good or worse.

Unpacking What Impacts Mental Well-being

In seeking to identify the drivers that exert the greatest influence on mental well-being, we asked respondents to select what they perceived to be the top two factors impacting their mental health. One in three Southeast Asians (31%) pointed to money problems as a significant factor, with work pressure and career struggles closely behind, being selected by 27% of respondents. The survey also revealed other impactful factors, such as "Not enough money to engage in personal interests" (19% of respondents), "reading about all the bad news", "failure to meet personal goals", and the growing concern of "social media pressure". Intriguingly, "digital/device" addiction, a modern phenomenon plaguing today's society, also made its presence felt in this list.

To better comprehend what are the most recurrent mental health challenges facing individuals, we asked what feelings and experiences they feel on a frequent basis (at least once every two weeks). Among the options, “feeling stressed” and a “lack of work motivation” emerged as the clear top responses, with each chosen by about one in four respondents (25% and 23% respectively). The generational divide here is apparent as well. While Millennials and Gen Z are more stressed than their Gen X and Boomer cohorts, the reverse is true for “quiet quitting”, with the senior cohorts more liable to fall victim to this malaise.

Among the remaining choices, “Feeling unhappy/depressed (17%)” and “Feeling anxious/nervous” (15%) are also worryingly common feelings among Southeast Asians.

Show Me the Money, Honey? Finances Clearly Matter for Mental Health

Evidently, economic aspects play a significant role in shaping mental wellness in Southeast Asia. Among the myriad of factors, economic indicators such as inflation, cost of living, and shifts in employment are pivotal contributors. Inflation, the silent erosion of purchasing power, is a factor that significantly impacts individuals' financial stability. As basic living costs rise, the constant adjustment of budgets to accommodate daily needs can lead to added stress and anxiety.

The cost of living, while closely related to inflation, encompasses a broader range of expenses including housing, utilities, and daily necessities. As these costs surge, individuals often find themselves grappling with financial pressures, affecting their overall sense of security and peace of mind.

Moreover, the dynamic nature of the modern work environment introduces its own set of challenges. Work changes, which include shifts in job roles, career uncertainty, and job instability (and consequently financial instability) can lead to heightened stress levels. Balancing job expectations, career aspirations, and personal life can prove to be an intricate juggling act, the process of which is a considerable stressor for many who struggle to do so.

An interesting insight that emerges here is that for those aged 15-24 year olds, who may be still studying or just starting out in their careers, financial considerations aren’t the top priority. It is social media pressure that is a stressor for 41% of young people in this demographic, perhaps a telling sign of the “keeping up with the Jones’ phenomenon that is manifesting among today’s generation as well.

The Way Forward: Insights for Individuals and Society

The insights gleaned from this study emphasize the urgent need for both individuals and societies to prioritize mental health. Economic challenges can have cascading effects on mental wellness, creating a cycle that impacts not just individuals but also the broader community.

While addressing inflation, cost of living, and work changes may require larger systemic changes, individuals can take steps to mitigate the impact of these factors on their mental wellness. Building financial literacy, practicing stress management techniques, and fostering open conversations around mental health can all contribute to improved well-being.

In conclusion, our study underscores the importance of understanding the dynamic interplay between economic factors and mental wellness. By shedding light on this intricate relationship, we take a step closer to addressing the challenges faced by individuals and societies in a world where the pursuit of happiness and financial security often intersect. As Southeast Asia navigates the evolving landscape, it is imperative that these insights guide the creation of comprehensive strategies that prioritize both economic stability and mental well-being.

This is the first in a content series around the state of mental well-being in Southeast Asia. Through this study, we hope to engage with mental health advocates, HR professionals, government policymakers, and all stakeholders looking to influence and improve the way this persistent societal concern is acknowledged and addressed.