Singapore's gig workers are its most financially stretched group, DBS study says
Publishing timestamp: 2023-07-14 00:35:17
Summary
The article discusses a new study conducted by DBS in May 2023, which found that gig workers in Singapore are financially stretched. Their income flows are relatively unstable, and their savings have declined to an "unhealthy range." Gig workers' savings can only cover 1.7 months' worth of expenses, which is lower than the recommended range of three to six months. The study also highlights that low-income individuals and baby boomers are also facing financial challenges, with expenses outpacing income growth. High inflation and interest rates have diminished the purchasing power of Singaporeans, particularly affecting gig workers and low-income individuals. The article also mentions the impact of rising housing loans and warns about potential stresses if income growth moderates and interest rates remain high.
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