Jonathan Chua

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 co...

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Like the rest of the world, Singapore’s economy has faced significant negative impact, due to the COVID-19 pandemic. Employers were, and continue to be, left with little choice in respect of cost cutting. Unfortunately, these costs include staffing and recruitment, which means that over and above health, well-being, and safety concerns, Singaporeans are also anxious about being retrenched. Facts speak louder than words; in 2020 alone, Singapore recorded one of the highest retrenchment periods our country has faced in the last decade, with approximately 26.1 thousand workers being let go1. The declining job market has led to Singaporeans feeling not as optimistic about finding new jobs. Some of their biggest worries2 include unemployment rates, difficulties in job searches, and losing their jobs. The possibility of being retrenched haunts many across the island nation, not just from an emotional or psychological standpoint, but also a financial one. Most people are stressed about the fi...

The average cost of a house on the market in Singapore is roughly SGD2 million1. If you get a government subsidised (HDB) flat, you are looking at an average of a little over SGD530,0002. Either way, it is a costly endeavour, especially if you are still establishing your career and planning to raise a family at the same time. Typically, people aim to become financially responsible by their 40s. This includes ‘living within their means’, in other words, budgeting for expenses and financial outflow in accordance to one’s income, while accounting for the ownership of assets, such as a home. As life evolves, so do one’s financial priorities. With time, expenses tend to increase, and one needs to begin budgeting for a family, retirement, exigencies, health, and a host of other needs. How then is it possible to allocate funds towards a huge financial commitment such as home ownership, while earmarking for monthly expenditures on a fixed or variable income? In spite of the Singapore governmen...

Everyone suffers from some form of cognitive bias — a kind of shortcut thinking. Some studies suggest that a person can be subject to over 1751 cognitive biases in their day-to-day decision-making. When it comes to financial planning and investments, cognitive biases can result in some costly blind spots or avoidable losses. To check if you are guilty of autopiloting your thinking, start by asking yourself how you go about making important decisions. Do you: Do your own research? Make a pros and cons list? Consult a friend, or an expert? Our brain tends to have certain cognitive biases, or ‘flaws in our reasoning’, which influence our judgment in terms of the information we focus on, how we remember decisions made in the past, or even the sources we rely upon for our research. A cognitive bias often leads to people deriving conclusions inaccurately, generally due to the misinterpretation of information. How do these findings affect the average person planning financial or investment go...