Being rich is successful? 40% of Singaporeans seem to think so

A recent survey found that 40 per cent of Singaporeans think one can be considered “successful” only if they are rich.

The majority of Singaporeans who took part in a recent survey did not think so, but about 40 per cent of them still felt that wealth equals success.

As a result of such a stereotype, those who worship money more often end up stressed and unhappy when they feel they are still far from achieving their financial goals, such as accumulating more than $1 million.

Ironically, the regional “Rethink Healthy” survey by insurer AIA is not even focused on financial matters but on how people can improve their lifestyles so that they can live healthier for longer.

The survey also covered China, Thailand and Malaysia, but only those polled in Singapore linked personal well-being to financial success.

As a result, AIA noted that “many in Singapore continue to feel pressured by the expectation of equating personal worth with wealth”.

To make matters worse, those who hold this view are at risk of making financial mistakes, because they tend to believe they know better than others and are doing the right things.

For instance, 63 per cent of them do not believe in seeking advice from financial experts, and 72 per cent would actually dismiss verified and accurate information as fake news.

This explains why many people continue to lose their savings to investment scams, as they probably think they can make more money than others.

Instances of stereotypical thinking are also seen regularly on social media whenever there are new reports on how some Singaporeans are building up large CPF balances or when they receive high monthly payouts from CPF LIFE.

Those people would dismiss such reports as fake news or government propaganda, when the reality is that many prudent Singaporeans will top up their CPF accounts after learning to plan for a higher retirement income.