As many households continue to feel the pinch of an elevated cost of living, in tandem with economic uncertainty, the gig economy keeps establishing itself as a safeguard for some, and lifeline for others; nearly half of consumers say they will have to consider gig work in the next six months to continue supporting themselves or their family – rising to 61% among financially struggling households.
As many households continue to feel the pinch of an elevated cost of living, in tandem with economic uncertainty, the gig economy keeps establishing itself as a safeguard for some, and lifeline for others; nearly half of consumers say they will have to consider gig work in the next six months to continue supporting themselves or their family – rising to 61% among financially struggling households.
The short-term mindset gig workers have to the nature of these jobs is reflected in their expectations of financial and health benefits – with the majority willing to forgo health insurance and retirement plans in exchange for the fast cash and flexibility gig work provides.
Platforms and FIs have a wellspring of opportunity when it comes to thinking about how to better support gig workers, particularly across areas like financial literacy, payments, and portable benefits – differentiating themselves while helping create a more sustainable gig economy for the workers that power it.
As economic pressures drive more consumers toward gig work, the sector continues to evolve from a temporary stopgap to an essential source of income. This opens the doors for platforms and FIs to step in with more robust benefits and tailored financial solutions.
Amr Hamdi, Senior Analyst – Financial Services
For the purposes of this Report, Mintel has deemed those individuals with the following types of employment as being a part of the gig economy:
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