Self-Employed? Be Your Own Money Boss


Advancements towards an automated digital economy have brought about innovation and entrepreneurship. This has led more people to start their own lines of business, remodel existing family-run businesses, or become part of the gig economy – in other words, self-employment is at an all-time high.

According to the 2020 Edition of the Comprehensive Labour Force Survey1, Singapore’s self-employed population has risen to 14.7% as of June 2020. Of this, 74% are in the prime of their lives in the 40-60 years demographic, 25% are above 60, and 9% below 30. For this workforce, ensuring financial robustness is paramount, especially because of the unpredictability associated with their income inflow.

From content creators and influencers, to business owners, while being self-employed can be highly rewarding, it comes with unique financial risks. Some of the biggest drawbacks faced by the self-employed as compared to those in the mainstream workforce, are the lack of predictable paycheques, CPF contributions or employee benefits. The self-employed are entirely responsible for their own earnings and financial stability. That is why this category of individuals require a special perspective to ensure financial preparedness in the long run.

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