Singapore’s Gig Economy Workers Face New Financial Challenges: Rising Living Costs Drive Increase in Essential Loans
Singapore, Singapore – In a recent study by fintech firm Lendela, it has been revealed that platform workers in Singapore, encompassing delivery riders and private-hire drivers, are gradually improving their debt management skills. Notably, debt consolidation, which once led the reasons for borrowing among these workers, has dropped by 15 percent over the past two years. Despite these improvements in financial handling, the persistent rise in living expenses continues to challenge these individuals, shifting the borrowing trend towards covering daily living costs. According to Lendela’s findings, more than a third of delivery riders and approximately … Read more