Only 36 per cent gig workers are financially resilient in India: Report

Haripriya Sureban | Updated on: Jul 01, 2022

Bengaluru, July 1 

Only 36 per cent gig workers are financially resilient in India, according to a GigPuls report released by KarmaLife, a financial solutions provider for gig workers and LEAD at Krea University.

The report stated that 22 per cent of gig workers are primary earners who support their families and choose gig work as a means of core livelihood, whereas 39 per cent are ambitious financial planners who co-earn with other family members and view gig work as temporary transition to a ‘better opportunity’; the rest are dependents with no-to-low obligations who view gig work as a means to earn extra cash. 

Pay levels, job security and flexible hours are the top 3 ranked attributes gig workers seek from their work environment. In terms of primary life goals, 29 per cent aspire to be self-reliant, 27 per cent workers want to attain career success and 25 per cent aspire to advance their family’s future. 

“There is too scarce data on worker identities, household context, needs and aspirations, work patterns, financial behaviours and resilience mechanisms. Through this partnership with LEAD at KREA University, we hope to create a rich longitudinal data asset that can help the ecosystem at large, ” said Rohit Rathi, Co-founder & Chief Executive Officer (CEO), KarmaLife.

Other findings of the report show, gig workers across segments reported a mix of deficits and surpluses in any given month, indicating they can benefit from access to flexible liquidity as well as liquid savings. In a given month, over 15 per cent of workers faced a cash crunch of ₹5000 on an average. Based on the survey, over 80 per cent of gig workers do not own a credit card facility, of which two-thirds feel the need. 

The current report is based on a detailed survey of more than 500 active gig workers across sectors – including hyperlocal and city logistics, e-commerce logistics, flexi-staffing, food services, who use KarmaLife’s platform.

Published on July 01, 2022
COMMENTS
This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you