NerdWallet's Smart Money Podcast
Understand the Gig Economy: Why Millions are Choosing Freelance and Side Hustles
Oct 9, 2024
Rick VanderKnyff, NerdWallet's senior news editor and an expert on the gig economy, delves into the financial realities faced by gig workers. Discover how this workforce, which surged during the pandemic, navigates challenges like tax management and retirement savings without traditional benefits. VanderKnyff shares critical tips for budgeting and self-employment taxes tailored for freelancers. The discussion also touches on the evolving landscape of gig work and potential legislative changes to better support these independent contractors.
18:03
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Quick takeaways
- The gig economy significantly impacts worker finances, with about 64 million Americans relying on freelance work for flexibility or necessity.
- Gig workers often lack employer benefits, facing challenges in managing health insurance and retirement savings, contributing to financial stress.
Deep dives
Understanding the Gig Economy
The gig economy comprises a diverse group of workers engaged in various forms of employment, from ride-hailing drivers to freelance designers. The definition of gig workers is somewhat vague, but it's clear that their numbers are significant, with estimates indicating that approximately 64 million Americans, or 38% of the workforce, are actively involved in gig work. While some people pursue gig work for its flexibility and autonomy, many others rely on it out of necessity, often to meet basic financial needs. The gig economy's growth complicates the landscape of traditional employment, as many workers lack the benefits typically associated with full-time jobs.
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