Seven of 10 see sustainability as key to future: survey

However, there is a big gap between awareness and action.

The majority of Singaporeans recognise the critical importance of sustainability for the future, but only a few are acting to achieve it, according to Singlife.

In its inaugural Sustainable Future Index (SFI), Singlife revealed that seven out of 10 feel sustainability is important for the years ahead, but only three are actively contributing to a more sustainable future, reflecting a gap between awareness and action.

The poll was conducted between June and July 2024 amongst 1,000 Singaporeans and Permanent Residents aged between 18 and 64. It was based on 16 key indicators assessed across four themes: the environment, social and self, financial wellbeing, and health and wellbeing.

Singlife said its study aims to look into consumer attitudes towards sustainability and help businesses understand what motivates consumers when it comes to selecting sustainable products or services.

The survey also found that “ there is a need for higher-order sustainability practices.” Such actions go beyond basic actions such as reducing single-use plastics or basic recycling, and focus on creating regenerative, resilient, and sustainable systems for the long-term.

Singaporeans also showed low awareness of sustainable investment products, with only 23% of those surveyed knowing about investments that support sustainable causes.

“This, along with insufficient information on sustainability practices, makes up two of the top 10 barriers to investing in sustainable financial products,” Singlife said.

The poll found that a higher proportion of Millennials and Generation Zs do not know how to start investing or purchasing such products. They are also deterred by the perception that sustainability investments offer lower returns.

“Although 64% of consumers do not currently consider sustainability factors in purchasing insurance and investment products, more than half of this group plan to do so in the future,” Singlife said, adding that this shows positive awareness of the role of sustainable options in one’s financial wellbeing.