Today, more than one in three U.S. workers are freelancers — and this figure is expected to grow to 40 percent by 2020. Increasingly, workers are eschewing or supplementing the traditional “nine-to-five” career with independent or temporary work, but these gig workers face daunting challenges preparing for retirement.
This shift in the workforce and the implications it has on gig economy workers and their finances are detailed in “Gig Economy Workers and the Future of Retirement,” a new report from Betterment. The report highlights survey results from 1,000 U.S. respondents who are 25 years and older and working in the gig economy. Several themes emerged regarding two categories of workers: full-time giggers, workers who rely primarily on the gig economy for their income, and side-hustlers, individuals who rely on a traditional full-time job as their main source of income but supplement with a side gig economy job:
Key findings of the report include:
“The emergence of the gig economy has changed the American workforce, and the way we save for retirement needs to change with it,” said Jon Stein, CEO of Betterment. “At Betterment, we’re helping investors prepare for this shift by providing solutions that go well beyond simply low-cost IRAs, by lowering costs and making investing accessible for everyone. It’s time for lawmakers to do the same by introducing a modern framework that gives non-traditional workers financial stability for the future.”
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