Alkami Telemetry Data – Gig Economy Workers by Generation
Americans of all ages are taking advantage of gig work opportunities.
Source: 2023 Alkami Telemetry Data is sourced from a panel of more than 20 financial institutions with a range of asset sizes from under $500M to $15B. The data panel represents 2.16 billion transactions analyzed representing the financial behaviors of 1.1 million account holders across 8 different age brackets.
What we’re seeing: The dawning of the “gig economy” has presented people with new opportunities to supplement their income or to have a sole source of income as an independent contractor. Uber, Lyft, DoorDash and Beauty Counter are just a few of the companies driving the gig economy.
But who are these workers? Alkami examined the age of account holders who had gig economy income in Q1 2023. Gig economy workers were fairly even among those in their 20s, 30s, and 40s, with 16.7 percent of workers being in their 50s and 12.7 percent of gig economy workers being in their 60s or 70s. Only 2.6 percent were 20 years old or younger.
When analyzed, those in their 20s were the most likely to be gig economy workers. In fact, 30 percent more likely than those in their 30s, 60 percent more likely than those in their 40s, 160 percent more likely than those in their 50s, and 430 percent more likely than those in their 60s.
Takeaway & Call to action for FIs: Financial institutions should embrace gig economy workers, while tailoring and innovating business banking products that can help this segment succeed.
Interested in learning how customer insights like these can empower your financial institution to grow your business? Contact Alkami, now.