Freelance, or gig work, is on the rise. People freelance for a range of reasons, and their satisfaction levels and financial challenges also vary, according to a survey from Prudential.
For millennials, it’s all about work-life balance. This age group often has children under age 18, or still is in school.
Gen X works the most hours per week of any generation, but earns less than boomers. They are likelier to be doing gig work to make ends meet, the survey found.
Boomers want freedom, the study says. The gig model suits retirees working to make ends meet, and they have higher levels of satisfaction.
“They’re doing things that are personally more engaging,” said Todd Sensing, a certified financial planner and owner of FamilyVest in Destin, Florida. “It’s not as much about the money.”