Gig Workers Receptive to Financial Advice

Gig workers comprise 31% of all U.S. households, according to a new report from Hearts & Wallets, “Income & Net Worth.”  Seventy percent of single consumers work in the gig economy by choice, and it is even higher for those who are married or in a partnership. However, gigging is most common among young, single people.

Gig workers between the ages of 21 and 39 tend to be more anxious about their financial future than non-gig workers. However, this group has a higher risk tolerance and more investing experience.

Overall, gig workers report more difficulty with nearly all financial tasks. Nineteen percent of gig workers say they have difficulty selecting appropriate investments compared to 15% of non-gig workers, handing market volatility emotionally (11% versus 9%), knowing where to find the right retirement resources to improve their retirement outlook (17% versus 12%), paying off or consolidating debt (18% versus 12%), saving for a college education (18% versus 10%), deciding where to put their savings (16% versus 10%), retirement planning (22% versus 15%), starting to save (17% versus 13%) and knowing when to retire (18% versus 15%).

While they say they have difficulties with regards to financial decisions, gig workers are more receptive to advice, such as online tools (81% versus 68%) and working with a financial professional (80% versus 67%).