This year we launched our second annual Branch x Marqeta Gig Payments Report, where we survey independent contractors across multiple industries to uncover the latest trends in gig work and payments. Our report dives into how the new normal and timely economic factors such as rising costs have impacted gig workers, what workers look for in a platform, and how gig economy payment trends have shifted.
Here were some of the biggest takeaways:
1. Inflation drives workers to pick up more gigs
85 percent of workers have recently increased or plan to increase their gig work, with 58 percent citing inflation as the reason for doing so.
2. Gig workers are on multiple platforms at once
Gig workers aren't just staying loyal to one app or platform to pick up work—the number of gig workers working for 3 or more platforms increased by 9 percent this year to 32 percent.
3. Housing remains a chief financial concern
Among top financial concerns, gig workers ranked home or rent affordability as their number one concern, followed by utility bills and groceries as a close second and third challenge.
4. Workers prefer same-day pay
Nearly 70 percent of gig workers prefer to receive their pay within the same day they work, with 39 percent preferring right after each job and 29 percent at the end of each day.
5. Instant pay will eventually be table stakes
One of our biggest takeaways was that instant payments will soon become table stakes to offer contractors. About 80 percent of workers were likely to choose one gig platform over another if it could pay them instantly without fees.
With the number of freelancers in the U.S. expected to climb to 86.5 million by 2027, paying attention to the habits and needs of this growing sector is crucial. Listen in to our free webinar on the State of Gig Payments to get a closer look at the data we uncovered. Sign up for free by clicking below!