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Data for today’s episode is provided by Mercator Advisory Group’s viewpoint – Payments for Work in the U.S. Gig Economy.
The Five Types of Freelance Workers:
- Independent Contractors, who work on a ‘temporary or suppliamental’ basis, are tied for the largest single category of freelance workers (31%).
- Diversified Workers, who use a mix of traditional and freelance income, are tied for largest with 31%.
- Moonlighters make up the the bulk of remainder (26%), who have a primary traditional job plus freelance work.
- Freelance buisness owners make up a 6% minority who consider themselves both freelancer and business owner.
- Temp workers also share a 6% minority – with a single employer, client job, or contract.
- A recent Gallop poll estimates there are 57 million freelance workers in the U.S.
- According to Gallop, 43% of those workers rely entirely on that type of work, while 57% perform gig work in addition to traditional work.
About the Viewpoint
The gig economy encompasses a growing percentage of the U.S. population and shows no sign of retreating.
From the casual “side hustle” to freelance work that represents a worker’s sole source of income, the gig economy is presenting some interesting challenges and opportunities for banking and payment providers.