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Social support becomes lifeline for health amid financial strain

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  • Study reveals health and vitality is closely linked to mental, social, and physical health.
  • Financial well-being remains the weakest aspect of well-being, with finance-related concerns as top stressors
  • High vitality leads to better health management and stronger support networks

HONG KONG and ANTWERP, Belgium, Sept. 30, 2024 /PRNewswire/ — Heightened financial stress is having a detrimental effect on overall health and well-being, with more people turning to social support systems for help, according to new research from Cigna Healthcare, International Health.

The Cigna Healthcare International Health Study 2024, released today with survey results from more than 10,000 respondents in 11 markets, reveals that globally, overall health and vitality has dipped while financial well-being continues to be the weakest aspect of well-being. Stress levels have decreased in most markets, but financial concerns remain persistent – with cost of living and personal finance being the most significant sources of stress globally.

The report highlights key vitality differences across demographics. Men report higher vitality than women, whose scores have significantly declined since 2023. Among generations, baby boomers have the highest vitality, followed by millennials, and Gen Z, while Gen X reports the lowest score. Millennials also experienced a notable decline in vitality compared to last year.

The findings underscore how low vitality is often rooted in a lack of financial resources, which hinders people’s ability to address their health issues. For those with low vitality, this is also compounded by a lack of essential support networks, which can further exacerbate their health challenges. Conversely, high vitality individuals often feel more empowered and capable of seeking treatment for health issues when needed.

Jason Sadler, President, International Health, Cigna Healthcare, speaks to the urgency of addressing vitality gaps: “While the downward trend of stress is a positive sign, we continue to see harmful impacts, such as the impact on sleep and the correlation of low vitality with chronic conditions. People with higher vitality are better equipped to manage their health and remain optimistic. It is critical to find ways to empower individuals to take control of their well-being.”

Key findings include:

  • High social well-being reflects desire for connection: Social well-being has been on an upward trend since 2022, with 45% of respondents rating their social well-being as “excellent” or “very good” this year. Two in three respondents (66%) expressed that their family has usually supported them through life, while around half (52%) said they frequently talk to their family or partner about how they feel.
  • Physical, social, and mental health are key to vitality: Poor mental health, including high stress, and poor physical health, are key factors associated with lower vitality levels and should therefore be primary focuses for action.
  • Financial stress has deep impacts on well-being: Financial health continues to be the weakest aspect of well-being, with 36% of respondents rating their financial health as “fair” or “poor.” In regions like the US and Middle East, the cost of living and healthcare expenses are preventing many people from accessing the care they need.
  • Stress shows improvement, but challenges remain: While stress levels have decreased in most markets, notably in Hong Kong and parts of Europe, 50% of respondents still report disrupted sleep due to stress, highlighting ongoing concerns.
  • High vitality individuals better manage their health: Those with higher vitality are more confident in managing their health, with 90% expressing optimism, compared to just 19% of low vitality individuals.
  • Flexible work lifts organizational well-being: Hybrid workers are more likely to be satisfied with their job than those working fully in-person (59% vs 55%), be enthusiastic about their job (70% vs 64%), and are less likely to search for a new job (36% vs 40%).

Jason Sadler pointed to the critical role of social systems in times of crisis: “Our findings reveal that while financial strain is impacting global vitality, social support and connections are providing a lifeline. Communities need to allocate the right resources, such as reliable health insurance and community support systems, while embracing comprehensive strategies that address the multiple determinants of vitality to reverse its decline.”

“In the workplace, well-being-oriented organizational cultures and targeted support for vulnerable groups can make for a healthier and more productive workforce.”

The full findings of the report are available here

About the Cigna Healthcare International Health Study

Cigna Healthcare surveyed more than 10,000 respondents in 11 markets – the US, UK, Spain, Netherlands, Belgium, Switzerland, Kenya, UAE, Saudi Arabia, Singapore, and the Hong Kong SAR from May 9-27, 2024, in collaboration with YouGov – a global public opinion and data company. The nationally representative online survey assessed the health, vitality and well-being of more than 1,000 adults (aged 18 years and older) in each of these markets – the US, UK, Spain, UAE, Singapore and the Hong Kong SAR, and more than 500 adults per market in Kenya, Belgium, the Netherlands, Saudi Arabia and Switzerland.

The Evernorth Vitality Index© and Well-Being Index

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The Evernorth Vitality Index© (EVI) has been developed in partnership with leading clinical psychologist and author Dr. Richard Ryan and it gives a comprehensive measure of people’s capacity to pursue life with health, strength, and energy. This is closely aligned with our mission to improve the health and vitality of those we serve around the world. We asked a series of questions to gauge respondents’ sense of social, occupational, financial, intellectual, physical, spiritual/purpose, emotional, and environmental well-being.

Respondents were also asked to rate their well-being across seven pillars: family, financial, mental, physical, social, spiritual, work well-being, and overall well-being, with ratings ranging from “poor”, “fair”, and “good” to “very good” and “excellent”.

About Cigna Healthcare

Cigna Healthcare is a health benefits provider that advocates for better health through every stage of life. We guide our customers through the health care system, empowering them with the information and insight they need to make the best choices for improving their health and vitality. Products and services are provided exclusively by or through operating subsidiaries of The Cigna Group (NYSE:CI), including Cigna Health and Life Insurance Company, Connecticut General Life Insurance Company, Evernorth Health companies or their affiliates and Express Scripts companies or their affiliates. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and others.

Learn more at www.cignahealthcare.com

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Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.

On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”

Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.

His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.

As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.

Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

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Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

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China’s AIMA brand electric motorbike is now in Bangladesh

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DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now. 

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.

 

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