Since the Great Recession, gig jobs have been heralded as the economy of the future. The gig economy has only advanced with the implementation of smartphone technology, dramatically changing how people work and spend their money. The rise of the gig economy began after the 7.2% increase in unemployment following the Great Recession, spurring the demand for temporary and quick-starting jobs. In the decade since, the gig economy has expanded at an exponential rate, bringing us names that we all know such as Airbnb, Lyft, Uber, and Etsy. According to some estimates there are as many as 75 million U.S. freelancers, but are they still banking on gigs?
After a huge amount of the population jumped on the gig bandwagon, many were quick to realize that surviving as a gig worker was not possible. Gig workers are struggling with 60% unable to come up with $400 for an emergency bill. From 2014-2018, pay for even the most active participants dropped significantly. Increasingly, workers may have realized that gig jobs cannot replace traditional work. As the job market recovers from the Great Recession, the future of the gig economy remains uncertain. Learn more about the reasons of uncertainty in the gig economy from the infographic below.