Pay Advances
An estimated 96 million workers participate in the U.S. gig economy, whether driving for ride-hailing services like Uber and Lyft or offering other services on a freelance or contractor basis. Access to earned wages is crucial to these individuals and many more. The Pay Advances Playbook offers deep statistical knowledge of the financial products and services these workers want.
Done in collaboration with Mastercard
Key Findings in the Study Include:
- 66.8 percent: Share of paycheck-to-paycheck gig workers who would consider switching to platforms that offer pay advances
- 53.4 percent: Portion of paycheck-to-paycheck workers who would use pay advances to cover bills and expenses
- 48.5 percent: Segment of paycheck-to-paycheck workers who believe pay advances would provide greater financial flexibility
Pay Advances Report - July 2019
• $178 billion: Potential value of pay advance wages if access were easier
• 56.8%: Share of workers in skilled segments who receive pay advances, compared to 36.6 percent of those in unskilled ones
• 41.9%: Share of gig workers living paycheck to paycheck with money saved for emergencies
• 41.5%: Portion of gig workers living paycheck to paycheck with savings who would use pay advances to pay their personal bills
