A hefty 60% of Singapore workers live paycheck to paycheck: Report

SINGAPORE: More than half of workers across the globe are living paycheck to paycheck despite record-high employment levels, with Singapore workers among the most financially strained, according to a new survey by ADP Research.

The Global Workforce Survey, which gathered responses from nearly 38,000 working adults across 38 markets, revealed that a hefty 60 per cent of Singapore’s workforce reported living paycheck to paycheck.

This figure far exceeds that of the nation’s Asia-Pacific counterparts, with South Korea at 18 per cent and China at 31 per cent.

The study suggested high cost of living as a key factor driving financial struggles, and that while employment opportunities have expanded globally, many workers remain unable to move beyond basic survival as rising expenses outpace wage growth in some markets.

The survey found that even those with multiple jobs lack financial security. Among workers holding just one job, 54 per cent said they lived paycheck to paycheck.

The situation was not much better for those juggling multiple roles, with 59 per cent of respondents with two jobs and 61 per cent with three or more jobs reporting difficulties covering expenses.

While some multiple job holders said they could afford more discretionary spending compared to single-job workers, the survey found that even additional work hours do not necessarily guarantee long-term financial security.

In parts of Asia, Africa and Latin America, many people patch together a living through part-time or gig work, but because these jobs are largely unregulated, they often leave workers with little stability and scant protection.

ADP Research noted that unless wages rise in step with the cost of living, financial pressures will persist even if more people are employed.