• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • Sponsored Placement
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

New Report Shows U.S. Gig Workers Hit Hard by COVID-19 with Nearly 3 out of 5 Now Earning Less than $1,000 per Month

Flourish Ventures Publishes Latest Edition in The Digital Hustle Report Series; Reveals How the Pandemic Impacted the Financial Lives of U.S. Gig Workers and the Need for Technology


News provided by

Flourish Ventures

Oct 22, 2020, 09:15 ET

Share this article

Share this article


REDWOOD CITY, Calif., Oct. 22, 2020 /PRNewswire/ -- Flourish, a global venture capital firm focused on early-stage fintech investments that enhance financial health, today unveiled The Digital Hustle: Gig Worker Financial Lives Under Pressure, United States Spotlight. The report is based on surveys of 700 gig workers across five cities: Atlanta, Chicago, New York, Philadelphia, and San Francisco. 

Continue Reading
On October 22, 2020, Flourish Ventures unveiled "The Digital Hustle: Gig Worker Financial Lives Under Pressure, United States Spotlight." The report is based on surveys of 700 gig workers across five cities: Atlanta, Chicago, New York, Philadelphia, and San Francisco.
On October 22, 2020, Flourish Ventures unveiled "The Digital Hustle: Gig Worker Financial Lives Under Pressure, United States Spotlight." The report is based on surveys of 700 gig workers across five cities: Atlanta, Chicago, New York, Philadelphia, and San Francisco.

The United States Spotlight is fifth in a series of Flourish's year-long global study of more than 3,000 gig workers from Brazil, India, Indonesia, South Africa and the U.S., all countries with some of the largest and fastest-growing gig economies. In August 2020, Flourish partnered with digital worker platform company Steady to better understand how U.S. gig workers' financial lives were impacted and their hopes and concerns for the future.

Gig workers in the U.S., employed in service roles, such as e-hailing and delivery, were hit hard by the COVID-19 pandemic, with 68% reporting a decline in total income. Nearly 3 out of 5 workers earned less than $1,000 per month, compared to 1 in 5 before the lockdown. A majority of U.S. respondents – 89% – were concerned about COVID-19, and at the time of the survey, respondents were most worried about the impact to their livelihoods, although health risks were also a meaningful concern. 

"With the onset of COVID-19 and the accompanying economic fallout, our research found that the majority of workers in the digital gig economy are living on the edge, piecing together temporary and inconsistent work and struggling to make ends meet," explained Emmalyn Shaw, managing partner at Flourish. "The pandemic and ensuing economic dislocation significantly impacted this population and highlighted their limited financial resilience."

Steady CEO Adam Roseman said, "As COVID-19 continues to redefine nearly every aspect of daily life, earning a stable income is much harder to achieve for tens of millions of hourly and gig workers. Consistent and coordinated government and private-sector support will be needed." 

Black and Latinx Communities Disproportionately Impacted

Fifty-nine percent of respondents reported that if they lost their main source of income, they could not cover household expenses for a month without borrowing money. Black and Latinx communities were disproportionately impacted by the crisis, evidenced by respondents' high levels of concern and the heavier burden of supporting additional financial dependents. Black workers were hit the hardest financially, with 61% now earning less than $1,000 per month.

Worker Sentiment and Financial Impact Vary by City

The United States Spotlight reveals that worker sentiment and financial impact varied meaningfully by city, depending on the regional course of the pandemic. In Atlanta, Chicago, and Philadelphia, more than half of the workers reported a large fall in income, while San Francisco workers, who also reported a large income decline, indicated a somewhat more positive outlook. In New York, workers reported less economic hardship and lower levels of concern.

Yet, U.S. gig workers showed signs of grit and resilience as they coped with the economic impact of the crisis:

  • 63% used savings and 55% borrowed money, combining loans from multiple sources, with a heavy reliance on friends and family.
  • 39% found new or additional work, with over a third of new work coming from online or app-based platforms.
  • Of the 62% who reduced consumption, half cut back on food.

Some Relief with Financial Aid

In the U.S., government relief payments through the CARES Act were a lifeline for many. 

  • 77% of respondents received financial aid through the CARES Act, and while still struggling, these recipients had stronger financial resilience, less decline in quality of life, and a greater sense of hope.
  • More than half of respondents applied for unemployment benefits since the crisis began, although most struggled to navigate the application process. For most, finding work with better pay is their top financial goal.

To read the full United States Spotlight report, visit: https://flourishventures.com/perspectives/the-digital-hustle-gig-worker-financial-lives-under-pressure-us-spotlight-2020/

"The important role that gig workers play in our society cannot be overemphasized," said Shaw. "As the world continues to grapple with the challenges of the current crisis, financial institutions, fintechs, and policymakers have an opportunity to learn from our most vulnerable workers and identify financial services that will help them survive this crisis and thrive in the future."

About Flourish
Flourish is a global venture capital firm investing in entrepreneurs whose innovations advance financial health and prosperity for individuals and small businesses. Our global fintech portfolio includes more than 60 high-growth companies offering a range of leading-edge financial services including, in the U.S., challenger bank Chime, gig worker platform Steady, next-gen home insurance company Kin, and FreshEBT, an app for SNAP recipients, among many others. We partner with industry thought leaders in research, policy, and regulation to better understand the underserved and help foster a fair and more inclusive economy. Visit us at flourishventures.com or join our community through Twitter, LinkedIn or Facebook.

SOURCE Flourish Ventures

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2022 Cision US Inc.