April 14, 2023
According to the third annual Gig Payments Report from the Workforce Payments Platform Branch and Marqeta, a global payment card issuance platform, gig work has become a primary source of income for many workers and is no longer a supplement to salaried roles. Among workers surveyed, 61% said they do gig work for their main income, up from 21% reported in 2021.
“Our study makes it clear that gig workers depend on gig work not only to help them stay afloat during tough financial times, but also to help them achieve financial stability,” said Simon Khalaf, CEO of Marqeta.
The number of workers who have left, or are planning to leave, their full-time jobs to enter the gig economy rose 40% from 35% in 2022 to 49% in 2023, according to the report. Additionally, 55% of workers feel the same way said they have more opportunities to get work this year compared to last year, and 66% of workers surveyed said they find it easy to find gig jobs.
The report found that inflation is the top driver for workers looking for gig opportunities, with nearly two-thirds, 63%, taking on more jobs due to inflation and higher prices.
“The speed and ease with which workers not only find work but also get paid is why they are increasingly choosing the gig economy over traditional work to meet today’s economic challenges,” said Atif Siddiqi, CEO by Branch.
The survey included more than 1,000 workers who turned to the Gig in the past six months and 1,099 at work.
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