LGGNF - Part 5 of Legal & General’s new study on the U.S. Gig Economy analyzes the relationship between freelancing and free-thinking and the independent mindset that drives independent workers
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- 1 in 5respondents say they could not work in a corporate setting
- 61% say workingwhen they want is the most important consideration
- 56% say doing thework they want to do is the main benefit
- 40% of gig workershave life insurance, including those with partners andchildren
- Just 2% say they want to leave the gig economy as soon aspossible
A fifth segmentof a broad new study sponsored by Legal & GeneralGroup ( LGEN , LGNNY ), U.S.Gig Economy, Part 5: Gig Workers’ independent mindset opposescorporate team-think , was released today. The reportcontinues narrating original research on the changing nature of workin the U.S., people’s relationship to it, and what employers shouldbe thinking about in order to attract back talent. The study looksinto shared traits manifested by this group of workers notwithstandingthe tradeoffs they sometimes make in order to maintain theirindependence.
This fifth report in the data-richstudy , Gig Workers’ independent mindset opposes corporateteam-think , explores some of the attitudes common tothe gig working mindset, and how they often find themselves buckingthe tide of traditional employment even amid the challenge oflabor-related legislation such as California’s AB5 and New YorkState’s S2052. With more than half (53 percent) of study respondentssaying that not having a boss is the main benefit of gig work—afigure that rises to 63 percent among non-office workers—there is asense of purpose and moral choice as much as necessity among manyfreelancers.
The study foundthat the vast majority of gig workers have long since made their peacewith earning most of their living working independently. Verbatimresponses received ahead of the survey paint a picture of fierce,sometimes humorous independence, and in some cases a libertarian pointof view. Controlling what work they do and when they work, andnegotiating their own pay, are highly valued aspects of being able towork this way.
“Even as wesee companies developing a sense of purpose beyond profit, a largepercentage of American gig workers have been reflecting this trend inmicrocosm. When it comes to how they earn their living, they land hardon the side of purpose, individualism and free thinking. With theranks of freelancers growing, large employers will clearly have totake a good hard look at what they are offering their salaried workersbeyond a steady paycheck. The labor environment is changing, and theprivate sector, increasingly looking to be agile, needs to change withit.”
SirNigel Wilson, Chief Executive, Legal & General Group
Gig workflow sometimes at odds withgovernment intervention
Legal & General’s study looks at the complexand multifaceted societal and financial factors behind independentwork, including the implications of recent government policyinitiatives and gig workers’ attitudes toward them, as well as whatis still missing for many to feel secure in life and society.
“U.S. policymakersare taking notice of the growing gig economy and are clearly trying toenact changes intended to protect these workers from exploitation. Itwill be interesting to see the balance that needs to be achievedbetween offering a safety net to this worker population, whilemaintaining those same freedoms that motivated them to workindependently in the first place. We hope our research can help informthis conversation, even as we progress toward better social andfinancial safety nets.”
John Godfrey, Director of Levelling-Up, Legal& General Group
Futuresegments of this research will look in depth at gig workers’ outlookand financial situation around retirement planning; what it would taketo get gig workers to go back to the traditional workplace; and acloser look at the pandemic fallout for gig workers. To receive a pdfof any of these reports, please email Meir Kahtan/MKPR atmkahtan@rcn.com.
Notes toeditors
Theinformation contained in this press release is intended solely forjournalists and should not be relied upon by private investors or anyother persons to make financial decisions.
About the Study
Legal & General undertookproprietary research into the attitudes and changes U.S. gig workersare experiencing in relation to their work situations and financialoutlook. The U.S. Gig Economy research was compiled usingoriginal survey data from 1044 U.S.-based workers aged 18 to 60 whoare neither students nor retired, and who earn at least 60% of theirincome 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 ( LGEN , LGNNY ) ,is one of the UK's leading financial services groups and a majorglobal investor, with over £1.4 trillion ($1.7 trillion) in totalassets under management* of which a third is international. We alsoprovide powerful asset origination capabilities. Together, theseunderpin our leading retirement and protection solutions: we are aleading international player in pension risk transfer, in UK and USlife insurance, and in UK workplace pensions and retirement income.Through inclusive capitalism, we aim to build a better society byinvesting in long-term assets that benefit everyone.
*as ofDecember 31, 2021
The information contained in this pressrelease is intended solely for journalists and should not be reliedupon by private investors or any other persons to make financialdecisions.
Contact Details
Meir Kahtan PublicRelations, LLC
Meir Kahtan
+1 917-864-0800
CompanyWebsite
https://www.legalandgeneralgroup.com/
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