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Marriage and Gig Workers’ Financial Wellness

Dec 27, 2018

Key Takeaways

  • Why are some gig workers more financially fit than others? It could be they’re married.
  • Whether married or single, the main reason people choose to do gig work is to make ends meet.
  • Without additional household income and access to benefits, single gig workers are more vulnerable financially.

 

Independent, or “gig,” workers, have become an integral part of the U.S. workforce. Individuals choose gig work because of its greater flexibility, work/life balance, and the chance to be their own boss; yet they face inconsistent pay, a lack of access to benefits, and less money on average.

Marital status not only influences why people use gig work, but also has significant implications for gig workers’ financial wellness, according to an analysis of Prudential’s Gig Worker On-Demand Economy survey. While married gig workers are more likely to have multiple sources of household income and access to a spouse’s employer-sponsored benefits, single gig workers are more likely to be struggling financially. That’s because they’re less likely to benefit from shared household costs, additional sources of household income, and Social Security spousal benefits.

 

Workers who say they are struggling financially

 

Gig workers, financial advisors, employers, and policymakers can all play a role in helping gig workers improve their financial security.

Read More

To learn more, read Marriage and Gig Workers’ Financial Wellness  

 You may also be interested in other Gig Economy topics.

The Prudential Insurance Company of America, Newark, NJ

1015089-00001-00

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Mar 27, 2019

Mar 27, 2019

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