The rise of the gig economy could have significant positive knock-on effects on options for faster pay and access to earned wages.
In this environment, supplementary income is sought after, especially among high-income individuals and households.
Inflation has been found to persist, especially in some of the most important expenditures that enrich daily life, such as food, clothing, and shelter. PYMNTS Intelligence Data From paycheck to paycheck Economic reports reveal that additional sources of income through part-time and project work are important in boosting consumers' financial health.
Energy and gas prices are volatile, to say the least. Although a rate cut appears to be a long way off, there is no certainty as to the timing of the rate cut. federal reserve Deciding to trim Interest leveland by extension, interest paid on credit card debt and variable rate loans.
Living paycheck to paycheck has become a reality for most consumers, as 59% of the U.S. population juggles monthly obligations that occur each income cycle. If you dig a little deeper, you'll find that more than 40% of consumers with annual incomes of $100,000 or more have made similar balancing adjustments. As many as 26% of high-income earners are actively employed as residents of the gig economy, slightly more than the overall sample.
When it comes to getting paid, speed is an important value. The sooner workers receive their paychecks, the more funds they have on hand to deal with unexpected financial events, meet the demands of simply making ends meet, and save for a rainy day while paying off debts. You can have
Another study measures consumer satisfaction. instant payment, PYMNTS Intelligence research found that 36% of consumers who received payment for freelance or consulting work (including extra income) chose immediate payment. His 77% of consumers chose immediate payment of income and wages.
The ability to receive a salary based on the wages earned is attractive to many workers. 56% of those affected are Access to earned wages They said they used it. Seventy-five percent of Millennials said having access to paid wages influences their acceptance of a job offer. Additionally, 96% of companies that offered pay access said their employees loved it and that it helped them attract talent. Three-quarters of gig workers said they would like to receive paychecks from their employers more frequently, meaning they would be paid based on their expenses, to address their daily spending demands.