Strategies for supporting mental health in the midst of rising financial instability in Singapore

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Financial health and mental well-being are deeply interconnected, especially in a fast-paced and high-cost city like Singapore, where the pressure to maintain financial stability can be overwhelming. With the rising cost of living, high housing prices, and the stress of securing a stable career in a competitive job market, many Singaporeans experience financial anxiety that directly impacts their mental health. A 2022 survey by OCBC found that nearly half of Singaporeans felt financially unprepared for emergencies, contributing to heightened stress and uncertainty about the future. The burden of debt, the pressure to keep up with societal expectations, and concerns about retirement savings can lead to anxiety, sleep disturbances, and even depression.

Managing mental health amid rising financial instability in Singapore requires a combination of practical financial strategies and mental well-being support. This article aims to introduce some practical strategies that may help alleviate the burden of financial instability, and how to better manage emotional wellbeing.

1. Financial Planning & Management

  • Budgeting & Expense Tracking: Use apps like Seedly, MoneyOwl, or DBS NAV Planner to track expenses and prioritize essential spending.
    • Seedly: Seedly is Singapore’s largest personal finance community, offering a platform where users can manage their finances, track expenses, and make informed financial decisions. One of the key tools is as an expense tracking app that allows users to sync their financial accounts for better cash-flow management.
    • MoneyOwl: MoneyOwl is a Singapore-based financial advisory and fund management company licensed by the Monetary Authority of Singapore (MAS). The company offers a suite of financial planning resources, including online advisory tools, checklists, budgeting frameworks, curated investment and insurance solutions, and Singapore’s first insurance product rating system. By collaborating with corporates and community organizations, MoneyOwl aims to improve financial literacy and access to affordable financial products across Singapore.
    • DBS NAV planner: DBS NAV Planner is a comprehensive digital financial planning tool offered by DBS Bank in Singapore. Accessible through the DBS/POSB digibank app, it enables users to consolidate and manage their finances by providing a personalized balance sheet that offers a full overview of their financials, including savings, loans, CPF, property, insurance protection plans, and current investments. The platform also features a budget and savings tracker to help users monitor their cash flow and spending habits.
  • Debt Management: Seek financial counseling from organizations like Credit Counselling Singapore (CCS) to restructure debts or manage repayments effectively.
    • Credit Counselling Singapore (CCS) is an independent, non-profit social service agency dedicated to assisting individuals facing unsecured debt challenges. Recognized by the Association of Banks in Singapore (ABS), CCS offers services such as financial education, credit counseling, and debt management programs.
  • Government & Community Assistance: Check schemes like ComCare and CDC Vouchers for financial relief.
    • ComCare: ComCare is a social assistance initiative by Singapore’s Ministry of Social and Family Development (MSF) designed to support low-income individuals and families in meeting their basic living needs. The program offers various assistance schemes, including:
      • Short-to-Medium-Term Assistance (SMTA): Provides temporary financial aid to those who are unemployed, seeking employment, or earning a low income.
      • Long-Term Assistance (LTA): Offers sustained support to individuals who are permanently unable to work due to age, illness, or disability, and lack sufficient family support.
      • Interim Assistance: Delivers immediate financial relief to individuals and families facing urgent needs.
      • To apply for ComCare assistance or learn more about the available schemes, individuals can visit their nearest Social Service Office (SSO) or contact the ComCare hotline at 1800-222-0000.

2. Emotional & Psychological Coping Strategies

  • Mindfulness & Stress Reduction: Practice mindfulness through meditation apps (Headspace, Calm) or attend free workshops by organizations like Brahm Centre.
    • Brahm Centre, a registered charity in Singapore, offers free guided meditation resources to promote mental well-being. These resources include audio tracks in both English and Chinese, featuring various mindfulness practices such as body scan, breath awareness, and loving-kindness meditation. The audio tracks are available for streaming or download on their website.
    • Meditation apps (Headspace, Calm, 10% Happier) are paid applications that can offer specialized, unique mindfulness and meditation resources to individuals, including courses tailored to specific symptoms or stresses (e.g. insomnia, work stress, etc.)
  • Seek Professional Support: Singapore has mental health resources like the Institute of Mental Health (IMH), Samaritans of Singapore (SOS), and mental wellness hotlines (e.g., TOUCH Community Services).
    • Institute of Mental Health (IMH):
      • For urgent scenarios, IMH provides a 24-hour walk-in Emergency Service at their premises, and also a 24-hour crisis hotline at 6389 2222 to connect you with trained professionals who can offer help in times of crisis
      • Otherwise, visit a general practitioner or polyclinic family physician who can help assess your symptoms and provide appropriate referrals
    • Samaritans of Singapore (SOS) is a secular, non-profit suicide prevention center which offers confidential emotional support to individuals in crisis, contemplating suicide, or affected by it. Their services include a 24-hour hotline (1767), a 24-hour CareText service via WhatsApp (9151 1767), and an email support service (pat@sos.org.sg).
    • TOUCH Community Services offers a mental wellness helpline known as TOUCHline, which provides emotional support and practical advice to individuals facing mental health challenges.
      • Phone: 1800 377 2252
      • Operating Hours: Monday to Friday, 9:00 AM to 6:00 PM (excluding public holidays)

Source: Tan Tock Seng Hospital, Singapore

  • Therapy & Counseling: Subsidized counseling services are available at Family Service Centres (FSCs) and non-profits like Silver Ribbon Singapore.

3. Social & Community Support

  • Reach Out to Friends & Family: Social support is crucial in times of crisis. Connecting with loved ones can ease stress.
  • Community Groups & Peer Support: Join groups like Safe Space™, PSALT Care or online forums where people share experiences and coping strategies.
    • Safe Space: Safe Space™ is a Singapore-based digital mental health platform dedicated to enhancing mental well-being through accessible and affordable services. The platform offers both online and offline counseling sessions, webinars, workshops, and mental health research tailored for individuals and organizations.
    • PSALT Care: PSALT Care provides peer-led support groups for individuals experiencing mental health challenges. Their sessions, facilitated by trained Peer Support Specialists, aim to inspire hope and foster recovery. Meetings are held online multiple times a week, including evenings.

4. Employment & Career Resilience

  • Upskilling & Career Support: Leverage SkillsFuture credits for courses that improve employability in growing sectors.
  • Freelancing & Side Gigs: Platforms like Grab, Fiverr, and Upwork offer alternative income sources.
  • Job Search Assistance: Workforce Singapore (WSG) and e2i provide job matching services and career coaching.

5. Healthy Lifestyle Practices

  • Regular Exercise: Engage in free or low-cost activities like park workouts, community yoga, or ActiveSG programs.
  • Balanced Nutrition: Affordable yet nutritious food options can be found in hawker centers and local markets.
  • Quality Sleep & Routine: Maintaining a stable daily schedule can reduce anxiety and stress.

As financial stress and instability continue to rise in Singapore, prioritizing mental well-being has become more crucial than ever. The emotional toll of financial uncertainty can lead to anxiety, burnout, and decision fatigue, but adopting proactive strategies can help you regain a sense of control. By practicing mindfulness, seeking financial literacy, leveraging community resources, and building strong social support networks, we can all cultivate resilience in the face of financial challenges.

It is important to remember that help is always available—whether through financial counselling, mental health hotlines, or peer support groups. Taking small, intentional steps toward both financial and mental wellness can pave the way for a more balanced and fulfilling life. In uncertain times, prioritizing mental health is not a luxury but a necessity for long-term stability and well-being. We hope that this article has provided you with some reassurance and practical approaches in your time of need.

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