The cost of living crisis has caused many of us to sacrifice on “non-essential” spending. But as costs continue to surge for even essential services, these spending cuts are coming at a detriment to our health.
Poor mental health is already costing the Singapore economy S$16 billion a year. As the cost of living crunch hits, frugal spending is impacting health-related expenditure — and this is only expected to get worse unless employers step up to support their workforce.
We spend a large proportion of our lives working, so it is crucial that these spaces are healthy and balanced. For those Singaporeans who don’t, trying to plan their future amidst a cost of living crisis, inflation and the looming threat of a recession is a struggle. The consequences of which are understandably taking a heavy toll on mental well-being and relationships.
Employers who understand this know that taking action will help all those involved, not to mention their bottom line. While recognition is the first step in having well-being at the forefront of a workplace, implementation is the most important one.
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