Only one in 10 S’porean platform workers think about retirement planning: Survey

The Singlife survey also showed that only 17% of the respondents feel financially free.

Retirement planning is a low priority, with only one in 10 Singaporeans taking steps to secure their financial future, a recent study initiated by Singlife showed.

The survey highlighted the financial outlook of platform workers in comparison to the broader population. Key findings from the study include:

An alarming 17% of platform workers in Singapore feel financially free, as opposed to 29% of the general population.

Less than 50% of platform workers consider financial freedom highly important.

Platform workers rated their financial freedom at an average score of 50 out of 100, 10 points lower than the average Singapore consumer.

ALSO READ: Retirement income competency lags in Asian markets

Only 10% of platform workers express confidence in dealing with rising costs and inflation. Two in 10 can consistently meet monthly savings targets after covering expenses.

The online survey conducted in July 2023 included around 500 platform workers aged 18 and above.

Qualitative interviews were conducted with platform owners from companies such as Deliveroo, Foodpanda, Gojek, and Grab.

The study is in response to recommendations for the social protection of self-employed individuals working for online platforms published by the Advisory Committee on Platform Workers in 2022.

The study uses the same methodology as Singlife's earlier Financial Freedom Index (FFI) study.

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