NEW YORK–A new study offers insights into the financial state of gig workers when it comes to their futures and retirement planning, finding most people come up short.
The new study sponsored by Legal & General Group, “U.S. Gig Economy, Part 6,” follows a Special Report for International Women’s Day, Tasked With Both Childcare and Earning, Women Fall Behind Their Male Counterparts, which looked into the gender pay gap, lowered retirement expectations, and other inequities experienced by female gig workers.
The latest report looks into the financial challenges people working in the U.S. gig economy face as they contemplate a post-retirement life.
The sixth report in the study explores the challenges many gig workers face, from being unable to cover an unexpected $1,000 expense to lacking the ability to plan for retirement, according to Legal & General. The study found that 53% of the freelancers surveyed thought that gig work negatively impacted their access to savings and retirement plans, while 29% felt that choosing to work this way negatively affected their ability to save.
‘Particularly Difficult Challenge’
“Though they have higher levels of financial literacy than the average American, independent workers find that retirement planning poses a particularly difficult challenge,” Legal & General said. “While the survey elicited a complex array of responses to a question about which financial security benefits they hold, more than three-quarters (77%) of those surveyed said their own personal savings will provide the largest contribution to their retirement income—while 30%of gig workers never expect to retire at all.”
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