The idea of a four-day work week has been picking up steam in Singapore, and it’s no surprise why. Imagine having an extra day off each week to rest, spend time with loved ones or maybe even pursue that hobby you’ve been putting off. Sounds great, and recent surveys show that seven in 10 Singaporean employers believe that a four-day work week could be feasible. (Now, if you’re new to navigating the workforce, you might want to read this first.)
But before we get too excited, let’s take a step back – how would working fewer days really affect our mental health, productivity and finances?
Let’s explore and see if a four-day work week is all it’s cracked up to be.
Could Singapore really move to a four-day work week?
The appeal is obvious: better work-life balance, higher job satisfaction, and (hopefully) less burnout in a high-pressure work environment like Singapore. Who wouldn’t want more time to recharge and focus on themselves? The idea of a four-day work week might be especially appealing to those in tech and creative fields, where the focus is on getting the job done instead of getting it done at specific periods.
However, other sectors like healthcare and retail, which typically require employees to provide services during operation hours, might face challenges in a four-day work week environment. For instance, hospitals and retail stores might need to implement more rotations or shifts, but the real challenge lies in whether they can find enough manpower to support this.
Despite growing interest, another recent survey shows that 95% of employers aren’t ready to implement a four-day work week just yet, highlighting the real challenges that businesses have to address, especially if it involves running a 24-hour operation.
Despite the conflicting opinions, the fact that we’re even having this conversation shows that the work landscape is changing. And that’s exciting!
Financial implications of working fewer days
Let’s get real – one of the first questions people (me included) will ask is, “Will I still get the same pay?”. It’s unclear how Singaporean companies will approach this if they adopt a four-day work week, but I’d expect it to remain the same, especially if our output and productivity are maintained.
Personally, I’d enjoy a four-day work week, and would gladly trade an extra two to three hours from Monday to Thursday to free up my Fridays. After all, I’m an advocate for being productive, getting things done and taking the time I need to recharge.
Even if salaries stay the same, an extra day off might mean more opportunities to spend – on dining out, shopping or maybe even short getaways. I know I’d be tempted by these ideas, but following these 20 financial habits helps to keep me in check.
Think of it like going to the gym: you wouldn’t skip leg day too often, right?
Well, the same goes for your finances. Savings plans and investment-linked policies (ILPs) can be your “financial leg day” – not the most glamorous analogy, but necessary to keep everything balanced. Here’s how Singlife can help if you’re investing through your life stages.
The effects on your mental wellbeing, physical health and insurance matters
A shorter work week is a dream for our mental health. Fewer days at work could translate to lower levels of stress, less frequent burnouts, and fewer health problems like anxiety or hypertension. A win-win for both employees and employers, right?
Hypothetically, yes. That extra day off could be used to exercise, cook healthy meals, or simply unwind and practise mindfulness. Developing these small habits can help prevent bigger health issues down the road. However, it’s still paramount to have solid critical illness and Integrated Shield coverage.
Healthcare in Singapore isn’t cheap, and while a shorter work week might reduce stress in the long-term, unexpected medical issues can surface at any age, regardless of your fitness level.
Building financial security with more free time
Let’s be honest – most of us wouldn’t use that extra day off just for Netflix and chill. Some of us might start thinking about side hustles or freelance gigs, which could be a great way to bring in extra income.
Who knows? You might just venture into selling handmade crafts on Carousell, become a fitness instructor, or even start a home-based business. There’s always a chance that your side gig pays well enough to replace your full-time job.
From employee to your own boss
Striking out on your own means having to take on all the risks that come with being your own boss. Like any business, you’ve got to protect your most valuable asset – you. Ensure you have medical insurance in place and consider income protection, so you have a financial safety net if something unexpected happens (touch wood).
A shorter work week could also provide some mental clarity to reassess your long-term financial goals and explore new opportunities. I know I’d use the time to review and rebalance my portfolio to maximise my investment returns for the year.
Whether it’s revisiting your retirement plan or boosting your insurance coverage, making smart financial moves now will keep you ahead of the game.
So, what would you do with an extra day off?
