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Tiagong Gig savvy workers saving can only cover 1.7mth expense, is it fake news?

k1976

Alfrescian
Loyal

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
WATCH LIVE

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).
 

Loofydralb

Alfrescian
Loyal

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
WATCH LIVE

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).
These are the groups that will punish PAP severely next GE.
 
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