The growing community of gig workers currently makes up nearly 35% of the U.S. workforce — and that proportion is likely higher when looking at workers earning low and moderate incomes (LMI). Gig work has risen in popularity for a number of reasons in recent years: flexibility, supplemental income and independence, to name a few. But there are also drawbacks, including low and unpredictable wages and difficulty accessing benefits — all of which can make it difficult to build emergency savings buffers.
Companies are increasingly turning to gig workers to power their workforce — and they have a vested interest in ensuring that gig workers are able to continue in their roles. We know that employers lose up to $250 billion in productivity each year due to the impact of financial stress, and employers who rely on gig workers are no exception. Financial well-being is closely tied to emotional well-being, and a recent survey by the American Psychological Association indicates that stress over money is the highest it has been since 2015.
