By the numbers: The growing gig economy

August 29, 2019

As the gig economy expands, researchers are digging in to what it means for the American workforce. We’ve pulled together some of the most compelling numbers.

 

Are you part of the nearly 40% of Americans who participates in the gig economy? It’s a growing sector, and becoming so ubiquitous to our way of working, many who gig don’t even know that their way of working has a special designation.

The gig economy is defined as work that isn’t consider permanent employment. This can include freelance, contract (long- or short-term), on-call or web/app-based employment that spans from graphic designs to on-call delivery workers (learn more about jobs in the gig economy). Someone can gig full-time, or on the side for extra income.

As the gig economy grows, researchers are taking note, eager to understand how this type of work effects the economy overall. Below, we’ve highlighted some of the most compelling numbers gathered by national researchers Gallup, Bankrate and Entreprenuer.

  • 36%: The number of people working in the gig economy according to a recent survey by Gallup.
  • 44 million: The number of people working in the gig economy according to a recent survey by Gallup.
  • $1,000: Average dollar amount earned each month by side hustlers. 1/3 of people who work side hustles report needing that income for living expenses.
  • 7%: Average dollar amount earned each month by side hustlers. 1/3 of people who work side hustles report needing that income for living expenses.
  • 33%: Average dollar amount earned each month by side hustlers. 1/3 of people who work side hustles report needing that income for living expenses.
  • 5: Average dollar amount earned each month by side hustlers. 1/3 of people who work side hustles report needing that income for living expenses.

 

Want to learn more? Continue reading to learn how this couple turned their side hustle into their full-time job.

 

Are you a member of the gig economy and want to know how you can be better prepared? Make an appointment with a banker.

 

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