Getting paid in advance for work to be completed later is gaining traction in the gig economy. As found in the Pay Advances Report, the trend may be a new normal for ad-hoc workers. Getting paid early or even upfront has its advantages in terms of managing cash flow, paying bills or even saving for emergencies.
Data:
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$178 billion: Potential value of “pay advance” wages, if access were easier
56.8 percent: Share of skilled workers who receive pay advances
36.6 percent: Share of unskilled workers who receive pay advances
41.9 percent: Portion of gig workers who live paycheck to paycheck, with at least some money saved for emergencies
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$1.4 trillion: Amount the gig worker economy represents in terms of income
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