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Endowus and foodpanda Singapore join hands to boost financial literacy of delivery partners

Jan 2024

The partnership focuses on educational webinars and curated resources to help delivery partners improve their financial literacy and work towards long-term wealth goals

Endowus, Asia’s leading digital wealth management platform, has partnered with food and grocery delivery platform foodpanda to provide delivery partners in Singapore with financial education resources, specifically tailored to their needs. Over the course of Q4 2023 and Q1 2024, Endowus is hosting webinars for delivery partners on topics such as financial planning, Central Provident Fund (CPF) & Supplementary Retirement Scheme (SRS) investing, retirement planning and money management, and will develop accompanying resources that can be accessed online through Endowus’ financial literacy content hub and YouTube channel

Endowus is also offering a free trial of its services for foodpanda delivery partners, allowing them to start investing at no cost for a year (up to $10,000).  Findings from Endowus’ survey of delivery partners shared below provide important insights and a clear path forward for the partnership, and both companies hope to make a positive impact on thousands of delivery partners with the resources. 

Samuel Rhee, Co-founder and Chairman of Endowus, said, “At Endowus, our core mission is to equip individuals and families with the means to achieve their long-term financial goals. We know that flexible work is fundamentally different from traditional employment, and platform workers are often in unique financial situations. Now more than ever, with rising costs of living and the opportunity to tap into compulsory CPF contributions, delivery partners should be better supported through expert guidance, and access to financial tools and education. This partnership is just the beginning. We hope to continually understand the needs of platform workers, just as we do with every client of ours, and refine the support we can provide to strengthen their abilities to plan and prepare for their financial future.” 

Having adequate financial knowledge is very important for platform workers, as meeting basic living expenses is their top financial priority amidst rising costs of living 

In a survey that Endowus had conducted with more than 300 foodpanda delivery partners, nearly two in five cite basic living expenses as their top financial priority, and the majority highlighted high costs of living as their biggest challenge to achieving their financial goals. 

Most recognise the importance of financial knowledge in helping them manage personal finances, with over half of respondents rating financial knowledge as ‘extremely important’. ‘Saving and planning’ was ranked as the most important money management topic by the majority of respondents, followed by ‘Using CPF effectively to achieve goals’ — indicating an interest in using CPF beyond housing purposes, such as for retirement planning and medical expenses. 

Other key findings include: 

  • Many take active steps to improve their financial positions: Over 40% take on multiple streams of income including platform work, 18% invest in diversified funds and securities, and 19% have investment-linked plans or insurance products. 
  • Some, however, are opting for riskier strategies: 13% of respondents shared they are currently participating in more volatile investments such as crypto-currency and stocks trading.
  • Long-term goals take a backseat: Only a minority of respondents (17%) indicated that they are thinking about longer-term objectives such as retirement planning.
  • Greater improvement in financial literacy needed: While a majority (61%) rated their knowledge as adequate, close to 40% rated their financial knowledge as low. In addition, more than 10% of respondents state they are not sure how to effectively utilise their CPF savings.  

Note: Percentages above have been rounded to whole numbers. For the full findings, please refer to the appendix below. 

Woon Ern Chong, 29-year-old foodpanda delivery partner who attended the Endowus-led webinar, said, “Platform work provides me with the flexibility to pursue my financial goals whilst studying part-time. However, this freedom also requires discipline in saving and planning for the future. I’ve discovered through my experience that whether it is learning about budgeting, managing expenses, or growing wealth — being proactive is key and having the right support and resources can make a significant difference. It’s encouraging that some of my peers who depend on flexible income streams are quite financially literate, as being equipped with comprehensive financial education and knowing what tools and solutions are available can be immensely helpful to our wealth management journey”.     

Lawrence Wen, CEO of foodpanda Singapore, said, “We recognise that our delivery partners have varied needs, and value the flexibility provided by platform work to pursue their ambitions. In helping them achieve their goals, we have consistently invested resources and implemented different programmes, including upskilling opportunities and in-depth workshops on financial literacy. This partnership with Endowus reinforces our commitment to uplift delivery partners and support them in navigating flexible income streams while preparing for the future”. 

For the full findings from the survey Endowus conducted with foodpanda delivery partners:

Download the full appendix here.