Both Gig Workers and Freelancers enjoy the flexibility of gig work but miss employment-related benefits that would bring them better financial stability and overall wellness

EDMONTON, Alberta, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Market Research firm Advanis announces the second installment of their Future of Work series, a proprietary study on the Gig Economy Worker in the US.

Summary

Advanis' survey of 621 Americans working in gig or freelance roles has shed some light into the profiles and needs of those working in the gig economy, in particular:

• Freelancers and Gig Workers are distinct from each other in regards to the type of work they are doing, their profile/demographics, their motivations, and their needs.
• Gig work is not only booming because workers enjoy the flexibility and freedom. It is also on the rise because many workers have no other choice but to work gigs.
• Gig work’s most noted downside is financial instability, which affects workers' ability to obtain business credit.
• With traditional benefits packages being a highly missed perk of traditional employment, workers desire some form of a portable benefits package as well as Universal Basic Income (UBI).

Freelancers and Gig Workers are unique in their profiles and motivations.
Freelancers tend to be males (56%), college-educated (66%), with a high income (35% with $100k+), living in urban areas (51%).

“I like doing things on the side. I just like keeping busy. It really isn’t about the money.” - Freelancer (Southern US)

Gig Workers tend to be females (56%), low income (50% under $50k), and no college degree (60%), and living in the suburbs (65%).

“I started working gigs when I realized that I will never make enough money being an employee.” - Gig Worker (Southern US)

Most Freelancers and Gig Workers work gigs out of choice (74% and 73% respectively).

Freelancers and Gig Workers also show differences in their individual needs for tools to perform their jobs.
Their tool needs differ with Freelancers displaying the need for digital tools that help with productivity (48%), collaboration (48%), and security (46%). Meanwhile, Gig Workers put a high priority on business payment services (33%) and shipping services (30%), and security (29%).

Financial instability is one of the biggest concerns regarding gig work.
A majority of Freelancers (72%) and Gig Workers (66%) are concerned about financial instability. Furthermore, these concerns about financial instability are mostly coming from younger, lower income individuals, who have gigs as their main source of income.

Those concerned about financial stability are more likely to be working gigs out of necessity (31%), leading to a more pessimistic view of gig work overall. This leads to them being less likely to enjoy gig work and or to cite personal fulfillment as an upside of this arrangement. They are also more likely to bring up drawbacks, such as uncertain pay, lack of security, stress, and burnout.

“Freelancing is very much a gamble, and you never truly know how well you are going to do” - Gig Worker (Southern US)

Lack of financial stability is leading to a high interest in public and private products that would help bring stability and well-being to Freelancers and Gig Workers.
Some of the most missed employment-related benefits coming from Freelancers and Gig Workers are:

74% of those concerned about financial instability are interested in Universal Basic Income (UBI). This program would give every adult citizen a set amount of money on a regular basis and would help settle Freelancers and Gig Workers worries about consistent income and paid time off.

71% of those concerned about financial stability are interested in a Portable Benefits Package. This would be a benefits package owned by the worker and taken to each new job they have, helping bring Freelancers and Gig Workers missed employment-related benefits like Health Insurance and a Retirement Plan.

“No health insurance. No 401k” - Gig Worker (Westen US)
“The pay fluctuates easily so the income isn’t really stable.” - Freelancer (Western US)

Difficulty meeting terms for loan applications is higher amongst those concerned about financial stability.
Only 36% of Freelancers and 24% of Gig Workers have a business credit card, 18% of Freelancers and 7% of Gig Workers have a business line of credit. This inability to obtain business loans is causing workers to use their personal credit to address their business needs.

About Advanis
Advanis is a privately owned Canadian market and social research firm founded in 1990 and known for its innovation and responsiveness. Advanis engages with key stakeholders to deliver research-based insights and advice that help our clients make sound, fact-based decisions about their most crucial marketing, business, and public policy issues. We serve clients in private and public sectors, focusing on customer experience, product design, pricing, and social research. We offer a comprehensive suite of research services (quantitative, qualitative, and analytics).

For other recent survey publications: https://www.advanis.net/self-sponsored-studies
Headquarters: Edmonton, Alberta
Other locations: Waterloo, Montréal
President: Michael Williams
Ownership: Privately owned
Employees: 50 Full time

Survey Methodology
An online survey of 616 Canadians and 621 Americans (U.S.), all adults who are currently working as a freelancer or contractor, as a gig worker or platform worker, or on a side hustle for supplementary income, was conducted by Advanis from April 26th to May 17th, 2021. Details are available upon request.

U.S. participants – 233 freelancers and 388 other gig workers – were recruited using a panel and completed the survey online. National results for freelancers are accurate to within +/- 6.4%, 19 times out of 20. National results for other gig workers are accurate to within +/- 5.0%, 19 times out of 20. Margin of error is wider among subsets of the population.

For the purpose of this survey, “gig” refers to work as a freelancer/contractor, as a gig worker/platform worker (e.g., Uber, TaskRabbit, Instacart), or on other side hustle for supplementary income (e.g., Etsy, EBay, sitting jobs). We make a distinction between Gig Workers and Freelancers.
Freelancers: those primarily working freelance professional services (e.g., graphic designer, programmer, writer); and
Gig Workers: those primarily working gigs such as transportation and delivery services, sitting work, maintenance and handy work, personal assistance services, online content delivery, online or in person retail.

Advanis is a member of the Canadian Research Insights Council (CRIC) and confirms that this research fully complies with all CRIC Standards including the CRIC Public Opinion Research Standards and Disclosure Requirements.

Contact Information
Anu Bhalla
SVP Business Development
[email protected]

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