Freelancing is a growing economy, especially among the younger generation, as today’s gig economy continues to be powered by social media, global marketplaces, and online payment platforms, allowing freelancers to build a career with all the tools necessary to be successful. Payoneer’s newest “Freelancer Income Report” highlights the advantages and potential of freelance work with survey responses from over 7,000 freelancers from 150 countries that are working for greater job opportunity and wage equality—all part of the Future of Work.
Nearly 70 percent of freelancers surveyed reported they were under the age of 35, particularly in Asia, as workers aim to obtain greater independence for their lifestyle that a traditional company job might offer. Workers at the beginning and end of their careers are most likely to be freelancing exclusively, though the push to have a stable job while raising a family keeps many employees in the traditional job market.
Both businesses and freelancers benefit from the two-way relationship, as freelancers tend to charge more per hour but do not require the relocating services or overhead costs that companies would pay for hiring a traditional employee. The freelance economy is also moving towards closing the gender wage gap quicker than the greater workforce, with freelancing females earning 84 percent of men’s earnings across all field, with women earning more than men in marketing and web and graphic design.
“Freelancing is booming around the world, driven by the growing global generational shifts,” said Eyal Moldovan, General Manager, Payoneer in a press statement discussing the future of work. “Millennials and Gen Z crave independence and broad, new opportunities with a whopping 54 percent in developed countries starting or planning to start their own businesses. Meanwhile, older generations find freelancing a way to stay relevant, and to keep their skills sharp in a world where technology trends and tools change in the blink of an eye. Overall, both freelancers and companies benefit, and what once seemed a novel pursuit has redefined the very nature of the workforce.”
