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Understanding the Financial Challenges of Gig Workers

November 7, 2022 | 0 min read

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With nearly 2 in 5 Americans participating in the gig economy, how can the financial industry level the playing field for these non-traditional workers? Three experts on this topic joined a panel at Money Experience Summit 2022 to discuss this issue. 

“Within our financial ecosystem, you can’t pull out any single thing without realizing that it’s connected to everything else,” said Jordan Wright, co-founder and CEO at Atomic. 

The modern landscape of employment ranges from a typical 9-5 job to freelancing and picking up extra shifts as a side hustle. Working jobs like these might allow for more flexibility, but it complicates financial processes like qualifying for loans, saving for retirement, and taxes.

"The average worker on our platform has 3.1 income sources per month and close to 10 every three months. And this isn’t because they want to — they’re just not making enough money,” said Adam Roseman, co-founder and CEO at Steady. 

Unfortunately, it’s hard to gauge the experience of these gig workers considering accurate data isn’t available for this demographic. They aren’t on payroll and they don’t pay unemployment insurance. 

“It's crazy. We don't have data on millions and millions of workers,” said Adrian Haro, CEO of The Workers Lab. “That means we’re not able to serve them with government programs and services.” 

Watch the entire panel discussion from Money Experience Summit 2022 here: Leveling the Financial Playing Field for Non-Standard and Gig Workers

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