The gig economy is growing fast, and credit unions have an opportunity to become an invaluable partner to the millions participating in the gig-based workforce.  A “gig” is defined by three criteria:

• High degree of autonomy
• Pay by task,
• Short-term relationships between worker and client

McKinsey estimates  27 percent of the U.S. working age population is composed of freelancers workers. That translates to as many as 68 million independent workers. How many of these individuals are credit union members? How many more would be if credit unions evolved to serve their specific needs?

Many in the gig economy appreciate the positives of their unique careers while acknowledging and managing through the negatives.

Freelancers who operate in this environment like the freedom that comes from choosing only those projects they enjoy. They appreciate the flexibility to schedule work around their lives, the chance to try several types of jobs and the ability to pursue their passions and interests.  On the other hand, these individuals deal with the inherent uncertainty that project-based work brings. Indeed, workers in the gig economy are missing two types of financial protections their more traditional counterparts enjoy.

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