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Prudential Research & Perspectives Our original research and thought leadership provide vital insights into important issues for our clients, financial professionals, policymakers, and the general public.

Gig Economy Impact by Generation

The “gig economy," in which individuals act as independent contractors, rather than employees, has become a significant source of employment for three generations of Americans – Millennials, Gen Xers and Baby Boomers. While each group differs in terms of lifestyle and reasons for choosing gig work, all face challenges when it comes to achieving financial wellness. This paper takes a deeper dive into the gig work experience by examining how it differs across the generations:

MILLENNIAL
GEN XER
BOOMER
Millennial gig workers are most likely to have financial wellness challenges due to low income, high debt levels, low homeownership rates, and limited access to employer-sponsored benefits – all of which can leave a family with young children especially vulnerable financially.
Gen X gig workers are most likely to struggle financially and work the most hours per week of any generation, but still earn less than the average Boomer gig worker.
Baby Boomer gig workers are most likely to start gig work due to circumstances beyond their control, and use it as a way to make ends meet.

 

To view the full report, download Gig Economy Impact by Generation.

 

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