In the ever-evolving landscape of employment, traditional career paths are being redefined by a growing trend: gig work.
With the rise of digital platforms and the flexibility they offer, more individuals are embracing the world of independent work, seeking freedom of job choice and a chance to be their own boss.
But amidst the allure of freedom and flexible hours, one question remains on the minds of many: how much do gig workers actually make?
Dive in to find out more!
- 1 Key Statistics
- 2 How Much Do Gig Workers Make in 2024?
- 3 Top 5 Highest-Paying Gig Economy Jobs (Per Hour)
- 4 Hourly Rates of Freelancers
- 5 Average Monthly Clients of Freelancers
- 6 How Long Have Freelancers Been Working in the Gig Economy?
- 7 Which Age Group Earns the Most in Freelancing?
- 8 The Rise of Independent Workers
- 9 Where are US Gig Workers Employed?
- 10 The Challenges of Gig Work
- 11 Conclusion
- 12 Sources
- In 2022, gig workers make an average annual salary of $38,166
- Machine Learning/Deep Learning jobs have the highest hourly rate of all gig economy jobs ($115.06)
- Freelancers around the world earn an average of $19 per hour
- The average number of clients a freelancer has is 4-5 clients
- 29% of freelancers have spent 3-5 years working in the gig economy
- Freelancers aged 55-64 earn the highest hourly rate, with an average of $36 per hour
- In 2019, 12.4 million individuals engaged in full-time independent work
- 14% of gig workers are employed in the public sector
- The lack of health insurance coverage is being experienced by 24% of gig workers
- A significant 29% of gig workers report earning less than their state’s minimum wage
How Much Do Gig Workers Make in 2024?
How much do gig workers make?
According to recent data, gig workers make approximately $38,166 per year in the United States.
This figure provides a glimpse into the earning potential within the gig economy, encompassing a wide range of independent work arrangements, from ride-sharing and food delivery to freelance writing and graphic design.
Individual effort, experience, and skillset play a crucial role in determining gig workers’ earnings.
Those who invest time and effort into building their reputation, expanding their client base, and refining their skills are more likely to see their earnings rise significantly over time.
Top 5 Highest-Paying Gig Economy Jobs (Per Hour)
Check this list for the top gig economy jobs based on their impressive hourly rates:
- Machine Learning/Deep Learning jobs have an hourly rate of $115.06
- Blockchain Development jobs have an hourly rate of $87.05
- Robotic jobs have an hourly rate of $77.46
- Ethical Hacking jobs have an hourly rate of $66.63
- Cryptocurrency jobs have an hourly rate of $65.37
Hourly Rates of Freelancers
When it comes to the world of freelancing, understanding the average earnings can shed light on the value placed on independent work.
Recent data reveals that freelancers globally earn an average of $19 per hour, providing an intriguing glimpse into the compensation structure of this growing sector.
However, it’s worth noting that this average hourly rate has seen a decline from $21 per hour in 2014.
This decrease can be attributed to the increasing number of freelancers entering the market, particularly from emerging economies, where hourly rates tend to be lower due to variations in cost of living and economic factors.
Average Monthly Clients of Freelancers
In freelancing, managing client relationships is a critical aspect of sustaining a successful independent career.
Recent data reveals that, on average, freelancers handle a workload of 4 to 5 clients per month, highlighting their ability to balance and ensure a steady stream of projects while maintaining quality and meeting deadlines.
How Long Have Freelancers Been Working in the Gig Economy?
With the average freelancer having spent 6 years in the freelancing scene, here’s data distributing them according to their years of experience:
- 29% of freelancers have spent 3-5 years in freelancing
- 23% of freelancers have spent 1-2 years in freelancing
- 17% of freelancers have spent 6-10 years in freelancing
- 15% of freelancers have spent less than a year in freelancing
- 6% of freelancers have spent 11-15 years in freelancing
- 5% of freelancers have spent 16-20 years in freelancing
- 5% of freelancers have spent 20+ years in freelancing
Which Age Group Earns the Most in Freelancing?
Age seems to play a significant role in determining earnings.
Studies highlight that freelancers aged 55-64 earn the highest hourly rate, averaging an impressive $36 per hour.
However, this age group constitutes only 3% of the total global freelancer population.
The Rise of Independent Workers
In 2012, there were approximately 11.2 million individuals, 66% of the total, who engaged in full-time independent work out of their own volition.
Then in 2019, this number had soared to 12.4 million, constituting a remarkable 81% of the independent workforce.
Furthermore, among these full-time gig workers, an impressive segment is earning substantial incomes.
Around 3.14 million individuals, 20% of the full-time gig workforce, are successfully generating over $100,000 per year.
This showcases the potential financial rewards that independent work can offer to those who commit to it wholeheartedly.
Where are US Gig Workers Employed?
Gig workers could be found on almost every job sector, here’s a list of where most of them are situated:
- 14% of American gig workers are employed in the public sector
- 12% of American gig workers are employed in other areas
- 10% of American gig workers are employed in the field of business
- 10% of American gig workers are employed in the field of health & educational service
- 9% of American gig workers are employed in the field of manufacturing
- 9% of American gig workers are employed in the field of construction
- 8% of American gig workers are employed in the field of financial activities
The Challenges of Gig Work
Recent studies indicate that 24% of gig workers currently lack health insurance coverage.
This alarming statistic highlights a critical gap in access to essential healthcare services, leaving gig workers vulnerable in times of illness or injury.
Additionally, 29% of gig workers report earning less than their state’s minimum wage.
This figure raises concerns about fair compensation and financial stability within the gig economy.
While gig work offers flexibility, it can come at the expense of predictable earnings, making it challenging for some workers to meet their basic needs and achieve financial security.
In this fascinating exploration of gig work and how it pays, we’ve dived into the question on everyone’s mind: “How much do gig workers make?”
We’ve uncovered a range of earnings and exciting opportunities, showcasing the potential for financial success in the gig economy.
The gig economy offers flexibility and freedom, allowing individuals to earn a living on their terms.
From specialized tech jobs that bring in big money to traditional freelance work that provides a steady income, gig workers have a world of possibilities to explore.