Consumer Payment Card News

Gig Economy Bigger Than Projected in the U.S. – Americans Need $$$

Nearly 20% of working Americans have a side gig like driving for Lyft, delivering pizzas for Papa Johns, or working the Back Page.

About three in four younger millennials are the most likely age group to have a side gig.

Eighty-six percent of gigers do it at least monthly, and 36% of those earn more than an additional $500 per month doing so. Frequency and amount earned tend to differ by generation:

• Of those ages 18-26 with a gig deal, 96% say they do it at least monthly, compared to 83% of those who are older than that.

• Millennials, as a whole (ages 18-36), typically earn less from their secondary source of income than older generations; only 19% with a monthly side gig earn more than $500 per month, compared to 50% of those who are older.

• Younger Baby Boomers (ages 53-62) are the most likely age group to pull in at least an extra $1,000 per month.

Of those who earn money via side gig, the majority (54%) use the extra cash to help pay for expenses, rather than as disposable income for other things. Though, how side gigs income is put to use varies across gender and political affiliation:

• About 7 in 10 women (69%) say they use the extra money from a side gig to help pay expenses, compared to less than half of men who do the same (42%).

• Democrats and Independents are nearly twice as likely as Republicans to use the additional cash to pay for expenses (60% to 32%).

The findings came from a recent Bankrate survey conducted by Princeton Survey Research Associates.



Leave A Reply