'It was about making some extra money': Workers say gig work offers financial opportunities

Future of Work
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Workers say that gig work, including driving for Uber, has helped them financially, whether during the pandemic after losing a job, as a second job or just to save money for the things they want. | Pixabay

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Sponsored Content — Workers say that gig work, including driving for Uber, has helped them financially, whether during the pandemic after losing a job, as a second job or just to save money for the things they want. 

PYMNTS reported that gig work in the U.S. is becoming more widespread, accounting for more than $1.4 trillion in income for workers by the end of 2018.

Uber offers its services in 10,000 cities in 71 countries, reporting 16 million trips per day as of June 30, 2021, with 101 million active monthly platform users. The company reported that as of Dec. 30, 2020, it had paid its drivers and delivery people $142 billion in cumulative payments since its inception in March 2009.

"I needed to make extra money and just something I do already. I was a truck driver at the time," Brian Raskin, a part-time Uber driver from the New York suburbs, said. "I was driving trucks and I was actually I was overseeing a fleet of trucks at the time when I first started. It was about making some extra money trying to pay off some bills and maybe build a little nest egg."

Uber is ranked number four in a list from the Ways to Wealth called "32 Highest Paying Gig Economy Jobs for 2021," as it has an average pay of $18 per hour. This hourly rate is an estimate, as the hourly pay for an Uber driver depends on the driver's location and the demand for services. The pay rate also does not reflect out-of-pocket costs such as gas, vehicle maintenance and other necessary upkeep. Ranking number one in the list was DoorDash, followed by Postmates Courier and Grubhub. 

"I had two luxury vehicles and I needed to be able to pay for one of those," Princess Monteiro, a full-time Uber driver from New York City, said. "I had to pay about $2,000 a month, plus inner-city rent." So, after a friend suggested driving for Uber, that was how she got started.

According to Brodmin, the global gig economy has been $204 billion in 2018 and is expected to be at $455 billion by 2023, which translates to a compound annual growth rate of 17.4%.

Upwork reports that about 12% of the U.S. workforce began taking gig work during the pandemic. The most frequently stated reasons that these workers give for starting freelance jobs include financial stability during the recession (75%) and necessity (54%). 

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