Why is well-being declining in Singapore despite rising income levels?

Singapore has been ranked Asia’s happiest country for the second year in the World Happiness Report 2024. Contrary to this report, the 2022 Quality of Life Survey conducted by the NUS Business School found that Singaporeans have become unhappier since 2016 despite rising median household income levels, revealing that Singaporeans are enjoying life less and feeling a decreased sense of achievement, control, and purpose.

Associate Professor Siok Kuan Tambyah and PhD candidate Yuen Wei Lun from Department of Marketing at the NUS Business School examined the results of the Quality of Life Survey to understand the different aspects of happiness, from life satisfaction to experiences of enjoyment and achievement. The survey found that money does not necessarily increase positive emotions, but financial satisfaction is positively associated with happiness and other well-being outcomes. The researchers highlighted that investing in meaningful relationships may have a more profound impact on our overall well-being and happiness than chasing after material possessions.

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