The rapid adoption of newer technologies and transformation of socio-demographic trends has changed the landscape of work fundamentally. Singaporeans are not only highly aware of the impending changes to their careers, but they are welcoming of opportunities brought about by automation, artificial intelligence, machine learning, and other emerging technologies.
PayPal “Financial Health for the Future of Work in Singapore” findings revealed how the way people work in the future impacts the way the financial services industry needs to serve them. The report combines an analysis of a survey administered to 1,000 Singaporeans, extensive literature reviews, and more than 100 interviews with experts from all over the world, including several Singapore experts.
Singaporean workforce still has a long way to go in preparing financially for automation and allied changes, noted the report. Workers in jobs that are at high risk of automation exhibit more signs of financial distress, and younger Singaporeans are also voicing their concerns regarding their long-term financial health and ability to retire in comfort. While Singaporean entrepreneurs are, in general, financially healthier than their global counterparts, more can be done to support the enterprises that are financially-distressed. Statistics show that:
Overall, the report reinforces the need for financial services supporting Singaporeans through the changes in their future of work, and calls for financial service providers to better serve the needs of a changing workforce and to build up the financial health of their customers.
Elaborating on why financial health is important in increasing Singaporeans’ preparedness for the future of work, Steven Chan, Senior Director and Regional Head of Government Relations, PayPal, Asia Pacific said, “Financial services are instrumental in enabling people to manage changes during their working lives. Well-designed financial services enable people to stay on top of, and worry less about payments, spending, and saving. People rely on financial products to manage their financial wellness, especially in times of income uncertainty and job transitions.”
“As recently witnessed, external factors and uncertainties such as natural disasters and pandemics can bring massive disruptions in our lives. With businesses and incomes being impacted, individuals have to seek alternative means to sustain themselves through challenging times. Having sound financial health can help us all remain resilient in the face of uncertainty. It can empower us to make confident and optimistic professional choices, even in volatile times,” Mr Chan explained.
He also noted that planning for the financial health of Singaporeans require a concerted effort and enhanced public-private partnerships between universities, businesses, and policymakers. More findings in the report showcased how the financial services industry is well-positioned to innovate with more relevant financial products, based on the changing financial needs of the Singaporean population, and an in-depth understanding of their psyche when faced with a new Future of Work.