LGGNF - Legal & General’s new report on Women in the U.S. Gig Economy finds income disparity multiple roles worry about financial future
(NewsDirect)
- Lowest paybracket: 58% are women; Highest pay bracket: 68% are men
- Earning over $100Ka year in gig work: 18% are female, 28% are male
- 71% of female gigworkers say their biggest worry is their financial futue
- Just 8% of womensurveyed have a pension plan
A special International Women’s Day report in abroad new study sponsored by Legal & GeneralGroup ( LGEN , LGNNY ), U.S.Gig Economy Special Report: Tasked With Both Childcare and Earning,Women Fall Behind Their Male Counterparts , was released today. The report continues narrating original researchon the changing U.S. workforce and the reluctance of so many to enterinto traditional employment. The study looks into the diversity anddifferences as well as the shared traits of this group of workers,along with the tradeoffs they make in favor of flexibility.
This special report inthe data-richU.S. Gig Economy study , Tasked With Both Childcare andEarning, Women Fall Behind Their Male Counterparts, exploresseveral areas of gender disparity between the male and femalefreelance workers who were surveyed. The sample comprised 47 percentwomen, who largely make their living in lower-paid sectors such asBeauty & Heath, Media/Writing and Online/App Services—this, incontrast to the highest paid, mostly male sector, IT. Across allcategories of respondents, whether paid per project, per hour, perweek or per month, the pay gap between men and women was 32 percent onaverage, and as much as 45 percent in median average pay permonth.
The study found thatfemale gig workers are far more likely than males to prioritize theirchildren and other family caregiving responsibilities ahead of thestability and future financial security offered by the full-time,office-based work model. They also worry far more than men do aboutthe long-term financial outlook their choice entails. Verbatimresponses received ahead of the survey from female gig workers show amore realistic and stoic outlook on their financial prospects thantheir male counterparts, including their projected income atretirement and their ability to weather unforeseen financial crisessuch as a loss of income or a major home or car repair.
“The value of womenin the workforce becomes increasingly obvious, even as more and moreAmerican women find themselves turning to working independently as theonly way to juggle multiple roles and responsibilities in their lives.This study shines the light on some key areas that are ripe forreparation in the U.S. labor space, notably more equitable pay andbetter social and financial safety nets for women. Employers lookingto get this hard-working contingent back to the office shouldadditionally address women’s evident need for flexibility, as theypick up many other family and householder duties. The private sectorcan and should lead the way in improving their lot.”
Sir Nigel Wilson,Chief Executive, Legal & General Group
Female gig workers’ biggestconcern is their long-term financial future
Legal & General’sstudy looks at the complex and multifaceted societal and financialfactors behind independent work, including what is missing for many tofeel secure in life and society. Seven out of 10 women in this studyworried about a lack of job security and predictability of income, aswell as not having access to group retirement plans and otherbenefits.
“Globally, women are at far greater risk of poverty intheir old age than are men, and U.S. policymakers are taking notice ofthis fact. We’re seeing proposed legislation, for example, thatwould tie federal funding for business growth to the provision ofaffordable childcare and other benefits meant to empower theworkforce. Still, there is a substantial bridge for employers to crosswhen considering the critical reasons that female workers, inparticular, are choosing flexibility over financial security. We hopeour research goes some way toward creating a basis for positivechange.”
John Godfrey, Director of Levelling-Up, Legal & GeneralGroup
Future segments of thisresearch will look in depth at gig workers’ outlook and financialsituation around retirement planning; what it would take to get gigworkers to go back to the traditional workplace; and a closer look atthe pandemic fallout for gig workers. To receive a pdf of any of thesereports, please email Meir Kahtan/MKPR at mkahtan@rcn.com.
About theStudy
Legal & General undertook proprietary research into the attitudes and changes U.S. gigworkers are experiencing in relation to their work situations andfinancial outlook. The U.S. Gig Economy research was compiledusing original survey data from 1044 U.S.-based workers aged 18 to 60who are neither students nor retired, and who earn at least 60% oftheir income from gig work. The data was collected via online surveyfielded to individuals sample sourced from YouGov’s US panel. TheLegal & General-designed survey was scripted and hosted onGryphon, YouGov’s proprietary survey scripting platform, and thefield work took place between August 19 and 31, 2022. Keydemographics such as age, gender and region were allowed to fall outnaturally. 20 questions were designed to understand facts aboutearnings, drivers of and barriers to gig working, financial productownership & financial capacity when coming across adversesituations, and future expectations of being involved in the gigeconomy. Verbatim comments were captured by Legal & General inresearch carried out in June 2022.
About Legal & GeneralGroup
Established in 1836, Legal & General is one ofthe UK's leading financial services groups and a major globalinvestor, with over £1.4 trillion ($1.7 trillion) in total assetsunder management* of which a third is international. We also providepowerful asset origination capabilities. Together, these underpin ourleading retirement and protection solutions: we are a leadinginternational player in pension risk transfer, in UK and US lifeinsurance, and in UK workplace pensions and retirement income. Throughinclusive capitalism, we aim to build a better society by investing inlong-term assets that benefit everyone.
*as of December 31,2021
The information contained in this press release is intendedsolely for journalists and should not be relied upon by privateinvestors or any other persons to make financialdecisions.
Contact Details
Meir Kahtan PublicRelations, LLC
Meir Kahtan
+1 917-864-0800
CompanyWebsite
https://www.legalandgeneralgroup.com/
Copyright (c) 2023 TheNewswire - All rights reserved.