According to MetLife's 2019 U.S. Employee Benefits Study, 23% of Americans with full-time traditional jobs intend to switch to gig work over the next 5 years. Another 14% say they are considering it.
As the study chart below shows, younger workers more likely to say they're intending to leave their job for gig work than older workers.
The reasons those with full-time jobs say they are interested in gig work are increased schedule flexibility, the ability to work where they want and the ability to take on multiple, different projects.
The high level of interest in the gig economy is tempered by the concern about the lack of financial security associated with gig work. According to the study, the top reason cited for not joining the gig economy is “I prefer the stability and security of a full-time job"
This reason is consistent with other studies. Concerns about job stability and security will also result in most of the people who say they plan to switch to gig work not doing so.
But some will - likely about 10%-15% of those saying they plan to and this still results in a lot of new gig workers.
Another interesting finding is 1 in 5 full-time employees have a side hustle and spend on average 25 hours per month on it. Most, according to the report, do this out of financial necessity. Over half of those with with a side hustle say they are planning on turning it into full-time work.
The study reinforces findings from other studies (including ours) that interest in joining gig economy by traditional employees remains high.
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