The July 2019 Pay Advances: The Gig Economy’s New Normal, a PYMNTS and Mastercard collaboration, examines pay advances, full or partial payments received before an ad hoc job is completed, including how gig workers currently use them and their potential for future adoption.
Key Findings in the Study Include
• $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