Gig Workers in America – Profiles, Mindsets, and Financial Wellness
Aug 01, 2017gig,financial wellness,consumer researchSA-Articles
The traditional workforce dynamic is shifting as the gig economy grows.
There are key differences between those who gig full-time, and those who gig part-time.
Individuals, employers, and policymakers play a role in the financial security of gig workers.
There are many types of gig workers in today’s workforce – retired Boomers looking to supplement their income, skilled laborers, and Millennials recently out of college – but one thing most agree on is that they want greater access to benefits that can help them achieve financial wellness.
While estimates of the size and growth of gig “employment” vary, there are several indications that the gig work model, in which workers act as independent contractors rather than employees, is here to stay. The gig model is cost-efficient for employers as it converts many fixed costs to variable, reduces benefits costs, and allows for resource flexibility. For workers, gig work offers flexibility and the chance to be their own boss; but it also means inconsistent pay, a lack of access to benefits, and less money on average.
In this report, based on the Gig Worker On-Demand Economy survey, Prudential explores the nature of work, attitudes, satisfaction levels, and both the advantages and disadvantages of gig employment, while outlining ways to improve the financial wellness of this growing workforce.
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