As gig work tops $1 trillion in the U.S, workers demand more real time payouts
- Pandemic related loss of income has spurred an increased interest in gig economy work.
- Branch and Marqeta’s report shows that 94 percent of gig workers associate faster payouts with financial security.
Significant reductions in working hours during the pandemic have forced many Americans to migrate towards gig and contract work to compensate for lost incomes.
In 2020, gig economy workers represented around 35 percent of the U.S workforce which roughly amounts to around 57 million people. According to freelance network Upwork, gig work contributes around $1 trillion to the American economy annually.
Last week, employee payments firm Branch and card issuing platform Marqeta released their gig payments report which surveyed around 1000 workers who had picked up gigs and contract work over the past six months. Limited cash flow during the pandemic influenced around 85 percent of workers to pick up additional work.
78 percent of respondents reportedly had less than $500 saved for an emergency. Among top financial concerns, gig workers ranked household and rent related affordability at the top of the list up to 47 percent, followed by utility bills at 27 percent.
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