Robinhood is expanding its retirement services with a new product targeted towards select gig workers and independent contractors.
The financial services company and brokerage platform is launching its Robinhood Retirement For Independent Workers, specifically geared for contingent workers at Grubhub, Taskrabbit, and Gopuff. Workers at these companies will have access to multiple services, including a boosted match ranging from 1% to 3% for the first year and unlimited one-on-one financial counseling via GreenPath Financial Wellness, a non-profit that offers debt counseling services.
The program is an extension of Robinhood Retirement, which launched to all workers nationwide in January 2023. While the new program is only accessible to employees at these three partner companies, Robinhood says it’s planning to add more partners in the future.
“Robinhood Retirement For Independent Workers brings us closer to our goal of giving everyone the financial tools they need to invest in their futures. Together with our first partners Gopuff, Grubhub, and Taskrabbit, Robinhood will now be able to offer a path to retirement savings for people who don’t have access to traditional retirement accounts or corporate matching programs,” said Steven Quirk, chief brokerage officer of Robinhood, in a statement.
The new product line comes as more workers are shifting away from the traditional “9 to 5” workweek into freelance and independent work. A recent study by freelancing platform Upwork found that 64 million Americans performed freelance work in the past year, for an increase of four million total professionals in 2022. Last year alone, contract workers made up 38% of the entire U.S. workforce.
As more professionals move to the freelance market, they run the risk of falling short on their retirement savings due to a severe lack of retirement planning services in the gig workforce. More than half (53%) of gig workers in a Legal & General survey described feeling like they didn’t have effective access to retirement and savings plans.
“Amid an uncertain economic climate, it’s become more difficult for Americans to save and plan for their futures,” said Daniel Folkman, SVP of Business at Gopuff. “So, as we continue to invest in and enhance the delivery partner experience, we’re proud to be among the first companies working with Robinhood to bring Gopuff delivery partners access to important retirement planning tools so they can improve their financial well-being.”
SEE ALSO:
- Robinhood Retirement: IRA with 1% Match (No Employer Necessary)
- Gig Workers Rely on Personal Savings to Fund Retirement
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
