More Than
Making Ends Meet
Singapore is known for its wealth. In fact, we're the 4th wealthiest city with 242,400 millionaires.
But, that's actually less than 6% of our resident population (citizens and permanent residents). So, what does financial security look like for the average Singaporean?
And more importantly, what does financial security really look like if you're living with a disability or mental health challenge... or both?
Our overall employment rate is strong at 83.4%. While our fairly new Workplace Fairness legislation protects against discrimination based on disability and mental health, it takes time for workplace culture to catch up to the law.
On average, 35.5% of working-age people with disabilities are employed. That's nearly a 50-point gap. And only 23% of employers here are open to hiring people with mental health conditions. Compared to 87% in Thailand and 86% in Vietnam, we clearly have some catching up to do.
These gaps matter. Think about what that means for thousands of Singapore residents living with disabilities trying to build financial security. Let's not forget to the undiagnosed and under-diagnosed, especially with invisible disabilities such as mine.
It's 18 May 2025 as I write this. With retirement at 63 and average life expectancy at 83, we’re talking about 20 years of post-work life that needs funding. And the latest consumer price index shows year-on-year increases for basic necessities like food, health, housing & utilities, and transport. For those already struggling to get a foothold in the job market (especially in this era of sudden layoffs and rising burnout), building long-term financial security becomes a steep climb. Yet, financial security shouldn't be a privilege reserved for those without disabilities or mental health challenges.
For anyone dealing with these challenges personally, remember that these statistics represent trends, not your personal destiny. Building financial resilience might require more creativity and planning, but I believe it's possible. This might look like improving your financial literacy, trimming non-essential expenses, exploring flexible or remote work options, or upskilling through free courses such as these by Google or Hubspot. Also, our National Library Board offers free access to LinkedIn Learning.
For employers reading this, there's a whole world of untapped talent waiting, if you're willing to create truly inclusive workplaces. Other than people with disabilities or mental health challenges, this would also benefit those returning to work after parental leaves, as well as those healthy retirees with a wealth of experience. Consider offering flexible hours, adjusting workloads when needed, providing access to mental health support, being transparent about accommodations, and training managers to recognize and address bias.
