Member Exclusive, New banks

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.
close

Email a Friend

As gig work tops $1 trillion in the U.S, workers demand more real time payouts

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. 

 


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “As gig work tops $1 trillion in the U.S, workers demand more real time payouts”

Member Exclusive, New banks

What’s happening in challenger banking, June 2021

  • Tearsheet publishes Challengers, its bi-weekly newsletter on what's happening in digital banking.
  • Here are the the ins and outs of how digital is impacting the business of banking as of June 2021.
Tearsheet Editors | June 03, 2021
Member Exclusive, New banks

‘We’re building a new category’: Banking solutions for freelancers could become a hit

  • The rise in freelance careers is continuing this year.
  • Challenger bank Lili wants to carve out a niche that is part business, part consumer.
Rivka Abramson | May 21, 2021
Member Exclusive, New banks

Cheese, a digital bank for immigrants, rolls out rewards geared towards Asian-owned businesses

  • Digital bank Cheese signed up with Dosh to launch its cash back rewards program for its Asian American and immigrant customer base.
  • The program lets customers earn 10 percent cash back on purchases at over 10,000 retailers including Asian American businesses.
Rimal Farrukh | May 20, 2021
Member Exclusive, New banks

‘I have a visceral understanding of the underserved customer because I was one too’: The story behind Ahead Financials

  • Ahead Financials was launched back in December to provide banking services to anyone who feels financially insecure or underbanked.
  • Anu Shultes is the CEO of Ahead. Her inspiration for the challenger bank and her understanding of how to build it come from 25+ years in the banking industry, as well as her own experience as an immigrant in the US trying to make ends meet.
Rivka Abramson | May 17, 2021
Member Exclusive, New banks

Banking software providers are helping their clients go digital

  • Small banks and credit unions need to digitize to compete in an evolving industry.
  • Experts say open banking is the way to go.
Shehzil Zahid | May 11, 2021
More Articles