Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left corner of your screen to receive notifications as soon as the episode publishes. 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.
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