Singapore's gig workers are its most financially stretched group, DBS study says
PUBLISHED FRI, JUL 14 2023 12:28 AM EDTUPDATED FRI, JUL 14 2023 12:35 AM EDT
Goh Chiew Tong
@CHIEWTONG_G
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KEY POINTS
- A new DBS study conducted in May 2023 found that gig workers were the most financially stretched, with relatively less stable income flows and savings declining year-on-year to an "unhealthy range."
- Gig workers' savings can cover only 1.7 months' worth of expenses, which is lower than the bank's recommended range of three to six months.
- Growth in expenses also outpaced income growth for the lower-income group and baby boomers (59 to 77 years old).