In recent years, the gig economy has grown to the extent that it now employs an estimated 34% of the U.S. workforce. Our reliance on gig workers was highlighted by the COVID-19 pandemic as many aspects of the traditional economy shut down.
Consumers continue to rely on these services even as economies reopen, with food delivery usage and spending both still up over 50%, according to Envestnet-Yodlee’s COVID-19 Income and Spending Trends data. However, while we need these workers, their financial needs are not being met.
Opportunities in the gig economy attract many unemployed and underemployed workers, but access to credit remains a significant hurdle for them, with traditional credit scores reliant on traditional employment.
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