For Gig Workers, Advances In Pay Advances

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:

$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

$1.4 trillion: Amount the gig worker economy represents in terms of income