Gig workers — those who provide services for on-demand and temporary jobs to generate their primary income — have unique financial needs that differ from traditional, long-term employees.
In recent years, gig work has become increasingly popular. According to a 2023 survey by workforce payments platform Branch and Marqeta, 61 percent of gig workers and independent contractors said their primary source of income is gig work, compared to 21 percent who said the same in 2021.
Bankrate also found that many workers with full-time jobs are taking on side gigs to pay for everyday living expenses. In 2022, 41 percent of those with a side hustle said they needed the extra cash flow for everyday living expenses, while only 31 percent said the same in 2019.
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