Furthermore, gig workers are responsible for their own taxes, insurance and retirement savings, which can be burdensome without adequate financial literacy and planning.
Despite numerous gig economy advantages, it also poses several challenges for workers. Gig workers often lack job security, benefits and legal protections that traditional employees enjoy. They may face income instability due to fluctuating demand and the lack of a guaranteed wage. Furthermore, gig workers are responsible for their own taxes, insurance and retirement savings, which can be burdensome without adequate financial literacy and planning.