As economic uncertainty looms over the country, findings suggest workers across all industries are struggling to make ends meet. Last year’s average salary raise was just 5% for US workers. However, these same workers are experiencing an inflation rate of over 8%. Amid a pending recession, Wonolo surveyed 2,000 workers across the US. The survey found that 42% of workers primarily engaged in full-time corporate jobs and 55% of workers primarily engaged in gig or temp work are already living paycheck to paycheck. Additionally, about 3 in 4 workers within both groups are worried about their financial health if a recession were to happen in the next year.
Wonolo has compiled these stats alongside other pressing economic figures in a comprehensive report. It takes a closer look at the current financial situations of Americans while dealing with inflation, rising housing costs, and a lack of flexibility in today’s economy. The responses uncover how different sectors of work impact workers’ personal lives. The report also shows how gig work can curb the financial and flexibility concerns that all workers face. Moreover, it reflects on how gig work can enhance American lives.
“Volatilities in our economy are impacting workers across the board. Our data shows corporate workers supplementing their income with additional gig work to be able to pay their bills,” said Yong Kim, CEO of Wonolo. “Gig workers are increasingly playing a key role in filling critical jobs for our economy to thrive. Yet, companies have not paid close attention to the needs of gig workers. Investing properly in all types of workers will help create a more agile labor force that can adapt to economic change.”
Read the Full Report
Take a look at the full data report linked below. You’ll learn about current worker sentiments and can explore both the commonalities and differences between gig workers and corporate employees.