Call it what you want—freelance work or contract work, side jobs or side hustles. The number of Americans who are participating in the gig economy is trending upward.
Some do it in addition to a full-time position to generate extra cash; for others, it’s their sole source of income.
But overall, as of May 2018, 40 percent of the U.S. workforce was earning 40 percent of their money through some type of independent work.
A new survey focusing exclusively on women who gig explored its appeal.
The study, commissioned by BabyQuip, Ruby Ribbon and UrbanSitter, discovered older women are most likely using gig income to save for retirement, while those who are younger are most likely using it to pay off student loans and other debt.
Just under half of side-hustling females who are 60 or older are gigging in retirement.
“I quickly discovered that my Social Security just doesn’t cut it!” according to one respondent quoted in the Women in the Gig Economy 2018 report.
Others are motivated for reasons that aren’t related to finances.
“This is a great way to feel useful after retirement,” said another woman.
Across all ages, more than half of women are making at least $500 per month through side hustles, with two in five earning over $20 an hour.
Almost all (95 percent) say they find the work fulfilling and just under a third have no intention to stop in the foreseeable future. Their main motivations for choosing gig work instead of traditional employment include flexibility (44 percent), income (38 percent) and entrepreneurship (25 percent).
“The gig economy appeals to women of all ages, and we’re not surprised that the ways they use their side hustle incomes differs by life stage,” Fran Maier, founder and CEO of BabyQuip, said in a statement. “What excites us is that they enjoy this kind of work and we are looking forward to creating great opportunities for them at any age or life stage.”
Jessa Claeys is a writer, editor and graphic designer.
