Financial wellness neglected as workers face cost-of-living strain: study

Among users, mental wellness support was rated the most effective (83%).

Financial wellness is the most underprovided aspect of corporate well-being programmes in Singapore, despite high employee demand, according to a study by AIA.

Whilst 92% of employers offer physical wellness support, only 51% provide financial wellness initiatives—making it the least common of the four core wellness pillars examined.

Employers also consistently ranked financial wellness lower in priority than employees did, even amid ongoing cost-of-living pressures.

The study also revealed broader misalignment between employee needs and employer offerings, particularly in mental and financial wellness. Whilst many organisations are investing in wellness, they may be focusing on areas that matter less to their workforce—or overlooking areas that matter more.

Mental wellness emerged as the top employee priority (44%), compared to 33% of employers. Though 83% of companies offer mental wellness programmes, only 67% of employees use them.

Among users, mental wellness support was rated the most effective (83%), ahead of physical (79%), financial (76%), and social wellness (68%).

Common barriers to participation included time constraints, perceived relevance, accessibility, and communication gaps—though the report notes that incentives and subsidies can significantly improve uptake.

The study also highlighted a serious awareness gap: fewer than 30% of employees knew their company had wellness offerings at all. Yet where awareness exists, participation is high and regular, suggesting that internal communications may be a more urgent fix than budget or design.

Employers mostly spend under $200 per employee per event, but one in four companies have increased or plan to increase their wellness budgets. Stress reduction, morale, and productivity remain top motivations. When choosing providers, employers value customisation and price transparency.

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