This report by Prudential notes the differing impact of the ever-growing gig economy based on different generations.
Gig “employment” is becoming more prevalent in the United States, transforming for many Americans what it means to have a job. Employers are embracing the gig model to convert fixed costs to variable costs, to reduce the financial burden of offering employee benefits, to gain quick access to desired skill sets, and to create a more flexible workforce. Employees are turning to gig work to fulfil a variety of needs depending upon their stage of life, from creating a more flexible work experience as young parents to providing a few more years of income in or near retirement. Yet despite these many benefits, gig work challenges traditional employer/employee relationships, with significant implications for workers’ financial wellness
Prudential sponsored the Gig Worker On-Demand Economy survey in 2017 to understand how gig workers think about this new job model and how it is impacting their financial wellness. The survey defined gig workers as people who work for themselves while providing a service or labour—freelancers, independent contractors, on-demand or temporary workers. It excluded people who solely rent out assets (their apartments on Airbnb, for example) or sell goods they have produced. The study further segmented workers into three categories: those who do gig work exclusively (Gig Only), those who take gig assignments in addition to holding down a traditional job (Gig Plus), and those who exclusively have a traditional job (Full-Time or Part-Time).