‘There is no retirement when you do gig work,' says ‘Side Hustle Safety Net' author. How that affects workers

The gig economy and the rise of “poly-working” have led to the decline of the one-job era. Research indicates that a significant percentage of American adults engage in gig work, with millennials working an average of two jobs. This trend has resulted in a decrease in living standards, as it now takes multiple jobs to achieve the same status of living as previous generations could enjoy with just one job. The gig economy offers little stability or retirement options, with workers often getting tired or deactivated from platforms. The gig economy originated from the sharing economy during the Great Recession, initially focused on saving money but later shifting towards making money. Various factors contribute to the increase in multiple job holding, including high student loan debt and employers deliberately keeping employees under 30 hours to avoid health insurance obligations. While early Covid allowed gig workers to access unemployment assistance, saving money proves difficult in the gig economy due to expenses like taxes and lack of benefits. Many workers get stuck in gig work as employers question their ability to transition to traditional jobs. The gig economy is often romanticized for its flexibility but overlooks issues such as the irregularity of work, hidden costs, and wasted time waiting for assignments.