Are Gig Workers the Most Affected by Singapore’s Inflation?

Are Gig Workers the Most Affected by Singapore's Inflation?
Image via Grab Food Delivery

Imagine this, my friends.

You’re playing a game of tug-of-war, with your hard-earned money being the rope.

On one side, you have the menacing Mr. Inflation and his sidekick, Interest Rates, on the other.

DBS latest study reports that Singaporeans are feeling a squeeze.

High inflation and rising interest rates are making it hard for people to pay their bills and save money.

Caught in the Middle: The Gig Workers and Middle-Income Earners

Just like in our tug-of-war game, gig workers are feeling the most stretched, according to DBS.

They’re using their savings to pay for things, and it’s getting tough.

Imagine a rope that’s so tight it’s about to snap!

Their savings can only last them 1.7 months now, down from 1.9 months last year.

Now, let’s talk about our middle-income earners.

They earn between SGD2,500 and SGD4,999 a month.

They’re using almost 60% of their income just to keep up with their rising house payments, due to those pesky interest rates.

That leaves little for fun things like buying new clothes or going out to eat.

Even saving money is getting tricky.

The ‘Double Whammy’ Situation

Irvin Seah, a senior economist at DBS Bank, has sounded the alarm.

Some folks might find themselves in a ‘double-whammy’ situation.

Singapore inflation is eating into their money and high interest rates are weighing them down.

It’s like being stuck between a rock and a hard place.

And not just any rock, but a big, mean boulder called ‘Inflation’ and a hard, prickly cactus named ‘Interest Rates’.

“This is an urgent call to action for individuals to kickstart financial planning and leverage tailored solutions to bolster their financial well-being.”

Age and Income: Not All Sunshine and Rainbows

The bank’s study shows that it’s not all the same for everyone.

While some folks are doing okay, others are having a harder time.

The lower-income group and the baby boomer generation (those aged 59 to 77) have seen their costs grow faster than their income.

That’s like running a race but the finish line keeps moving further away. It’s tough, my friends.

Practical Takeaways

  • Check your spending. Keep your money close, and your expenses closer. Every dollar counts.
  • Save, save, save. It’s like a lifeboat in a storm. The more you have, the safer you’ll be.
  • Plan for the future. The world of money can be like a jungle. You need a good map to find your way around.

We know times are tough, but remember, you’re not alone.

We’re all in this together, just like a team in a game of tug-of-war.

And like any team, we can work together, help each other, and get through this.

Let’s make sure Mr. Inflation and Mr. Interest Rate don’t win this game.

So tell me, how are you planning to fight back?

Share your thoughts and let’s beat this together!

Related Posts

Joint Ops Seized 600kg Illegal Tobacco in Little India

During a joint operation, more than 600kg of smokeless tobacco was seized in Little India. 27 individuals have…

Controversial Samsui Woman Mural to Remain, Owner Fined

A mural of a Samsui woman has sparked a debate in Singapore. URA fined the building owner S$2,000…

No More Diesel Car and Taxi Registration from 1 Jan 2025

From 1 January 2025, Singapore will stop registration of new diesel cars and taxis. The shift supports Singapore’s…

SG-M’sia Police Smash Betting Ring: 43 Arrested, S$14M Seized

43 arrests in joint Singapore-Malaysia operation against illegal betting. Substantial seizures include more than S$10.7 million worth of…

New Singapore Casino Rules to Fight Terrorism Funding

Singapore casinos to up vigilance for transactions over S$4,000 (US$2,950). Gambling Regulatory Authority (GRA) aligns with FATF to…

SMRT Suspends Bus Driver After Running Over Worker

A 48-year-old SMRT bus captain has been suspended after an accident with a worker. The incident occurred on…

Electricity and Gas Prices Up This July-September 2024

Electricity tariffs in Singapore will increase by 0.3%. Town gas tariffs will increase by 0.03 cents per kWh.…

Over 950k HDB households get U-Save & S&CC rebates in July 2024

Over 950,000 HDB households to benefit from U-Save and S&CC rebates in July 2024. Rebates are part of…

SG-Timor-Leste Visa Waiver: Freitas’ Official Visit

Minister Freitas meets PM Lawrence Wong and Minister Balakrishnan. Important diplomatic and two-way ties are discussed. Visa waiver…

Leave a Reply

Your email address will not be published. Required fields are marked *

Share via
Scroll to Top