Gig Economy Workers: Financial Services and Benefits Trends and Opportunities

Best Price Guarantee	Length	Publisher	Published Date	SKU
from $2,250	68 Pages	Packaged Facts	January, 2019	LA15764968

Best Price Guarantee
Price	from $2,250
Length	68 Pages
Publisher	Packaged Facts
Published Date	January, 2019
SKU	LA15764968

The Financial Services Market: Targeting Gig Economy Workers

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Some 76 million U.S. adults perform paid side gigs, occasional work activities that fall outside of activities performed as part of their main jobs. These side gigs range from selling goods online to babysitting, childcare services, dog walking, or house sitting to driving using a ride-sharing app.

More than a third of Side Gig Workers cite the desire to supplement their income as the main reason they perform side gigs. However, some rely onside gigs for their main source of income. Side gigs also play a role in leisure activities performed for fun or as a hobby.

This report, The Financial Services Market: Targeting Gig Economy Workers, identifies and analyzes members of the Gig Economy, a term associated with independent work arrangements, temporary and/or on-demand employment trends, working more than one “gig” at one time, globalization, digitization, work-at-home trends, and the gradual loss of employment benefits. The report also identifies market opportunities related to alternative financial services, tax services and related financial management tools, prepaid cards, and workforce management solutions.

Executive Summary
- Report Scope
- Report Summary
  - Overview
  - Non-Benefit Workers
  - Side Gig Workers
  - Serving the Needs of the Gig Economy Worker
Overview
- Welcome to the Gig Economy
- Gig Economy Membership: Narrow Scope to Broad Scope
- By the Numbers: 306 Million Jobs
  - Table U.S. Adults: Employment Status, Second Jobs, and Side Gig Employment, 2017 (millions and percent)
- A Macro-Picture: 2007-2018 Employment Trends
  - Table Percent Share of Adult Population Employed Full Time and Part Time, and Percent Share of Spouses Employed, 2007-2018
  - Self-Employment Trends
    - Table Percent Share of Adults Employed by Others and by Themselves, 2007-2018
  - Microbusiness and 1-Employee Company Employment Trends
    - Table Percent Share of Adults and Employed Adults, by Company Size, 2007-2018
Non-Benefit Workers
- 2007-2019 trends
  - Introduction
  - Measuring the Impact of the Gig Economy: A Broad Approach
  - Share of Working Households without Employment Benefits Increases
    - Table Working Households: Population and Share Having Employment Benefits, 2007-2019 (in millions and percent share)
  - 41% of Employed Core Household Members Are Non-Benefit Workers
    - Table Employed Core Household Members: Population and Share Having Employment Benefits, 2007-2019 (in millions and percent share)
  - Share of Households and Core Household Members Classified as Working for Self on the Rise
    - Table Working Households: Working for Others vs. Working for Self, by Population and Share, 2007-2019 (in millions and percent share)
    - Table Working Core Household Members: Working for Others vs. Working for Self, by Population and Share, 2007-2019 (in millions and percent share)
  - Working for Others: Benefits Trends
    - Table "Working for Others" Households: Population and Share Having Employment Benefits, 2007-2019 (in millions and percent share)
    - Table Core Household Members Employed by Others: Population and Share Having Employment Benefits, 2007-2019 (in millions and percent share)
  - Working for Self: Benefits Trends
    - Table "Working for Self" Households: Population and Share with Employment Benefits, 2007-2019 (in millions and percent share)
    - Table Core Household Members Working for Self: Population and Share with Employment Benefits, 2007-2019 (in millions and percent share)
- Presence and Degree of Benefits
  - Introduction
  - Only 27% of Consultant/Contractors Have Paid Employment Benefits
    - Table Paid Employment Benefits at Main Job, by Type of Benefit and Employment Status, 2017 (in millions and percent)
  - Benefits Coverage Varies Significantly by Occupation and Industry
    - Table Share and Population of Workers Having Benefits at their Main Job: Top 15 Industries, 2017 (in millions and percent)
    - Table Share and Population of Workers Having Benefits at their Main Job: Top 15 Occupations, 2017 (in millions and percent)
  - Government Employees Lead Private Sector and Self-Employed
    - Table Share and Population of Workers Having Benefits at their Main Job, by Employer Type, 2017 (in millions and percent)
- On-Demand Employees
  - Introduction
  - A Growing Trend?
    - Table Work Day Schedule Continuity, by Employment Status, 2017 (in millions and percent)
  - Skewed Toward Non-Benefit Employees and Shaping Full-Time Employment Trends
    - Table Work Week Schedule Continuity, by Employment Status and Benefits Status, 2017 (in millions and percent)
  - Timing of Advance Notice Shortest Among Full-Time Employees
    - Table On-Demand Employees: Degree of Advance Scheduling Notice, by Employment Status, 2017 (in millions and percent)
Side Gig Workers
- Introduction
- The Side Gig Worker
  - Table The Side Gig Worker: Population, by Side Gig, 2017 (in millions and percent)
  - Side Gig Worker Employment Overlap
    - Table Employed Adults, Side Gig Workers, and Side Gig Work among Employed/Not Employed, by Age, 2017 (in millions and percent)
    - Table Employed Adults, Side Gig Workers, and Side Gig Work among Employed/Not Employed, by HH Income, 2017 (in millions and percent)
  - Side Gig Work: Old Economy vs. New Economy
    - Table Side Gig Workers: New Economy and Old Economy, by Age and Side Gig, 2017 (in millions and percent)
    - Table Side Gig Workers: New Economy and Old Economy, by HH Income and Side Gig, 2017 (in millions and percent)
  - Side Gig Workers: Employment and Benefit Status
    - Table Side Gig Workers: Employment and Benefit Status, by Age, 2017 (in millions and percent)
    - Table Side Gig Workers: Employment and Benefit Status, by HH Income, 2017 (in millions and percent)
    - Table Side Gig Workers: Employment and Benefit Status, by Marital Status, 2017 (in millions and percent)
  - Side Gig Cross-Working
    - Table New Economy Side Gigs: Cross-Working New Economy and Old Economy Side Gigs, by Gig, 2017 (in millions and percent)
    - Table Old Economy Side Gigs: Cross-Working New Economy and Old Economy Side Gigs, by Gig, 2017 (in millions and percent)
  - Reasons for Performing Side Gigs
    - Table Reasons for Performing Side Gigs, 2017
  - Side Gigs: Time Allotment; Significance and Regularity of Financial Contribution
    - Table Side Gigs: Hours Worked, Share of Income, Regular and Significant Source of Income, by Employment Status, 2017
Serving the Needs of the Gig Economy Worker
- Alternative Financial Services
  - Table Side Gig Workers: Alternative Financial Services Usage, by Type and Side Gig, 2017 (percent)
- Prepaid Cards
  - Contract and on-demand employed
    - Table Employer Payment Methods, by Employee Work Day Schedule Continuity, Employment Status, and Selected Occupations, 2016 (percent)
  - Side Gig Workers
- Tax Services and Beyond
  - Tax Preparation Method Usage Trends: Microbusinesses and Sole Proprietors
    - Table Microbusiness Employees: Tax Preparation Method Used, 2008-2018 (percent)
    - Table Self-Employed Sole Proprietors: Tax Preparation Method Used, 2008-2018 (percent)
  - Financial Management Tools
    - Table Final Management Tool Usage, by Type, Employment Status, and Side Gig Work Status, 2017 (in millions and percent)
  - Budgeting/Spend Tracking Tools
    - Table Budgeting Tools, by Type, Employment Status, and Side Gig Work Status, 2017 (in millions and percent)
Appendix
- Methodology
  - Consumer Survey Methodology
  - Key Sources
  - General Tables
    - Table The Adult Population vs. Side Gig Workers, by Demographic, Gig, 2017 (percent)
  - Population Estimates
  - Generations
    - Table U.S. Generations, 2018
  - Abbreviations
    - Table Report Abbreviations and Acronyms, 2019
  - Terms and Definitions