November 2024
Does a little bit of gig go a long way?
Earnings from gig work tend to be modest, yet still provide a meaningful lift to gig workers’ spending power.
Key takeaways
- According to Bank of America internal deposit account data, the share of customers receiving gig income has been stable over the past year. Gig work is growing in ridesharing and social commerce, while food delivery is decreasing slightly and vacation rentals remain stable.
- The proportion of Bank of America customers that are content creators has decreased year-over-year (YoY). Additionally, their average incomes remain low, only 20% of the typical full-time U.S. employee earnings, according to data from Bank of America and the Bureau of Labor Statistics (BLS). This suggests that it's rare to earn a full-time wage in content creation – let alone get rich.
- Widespread reports of people working multiple gigs may be exaggerated. Bank of America internal data suggests that most gig workers only worked a single gig for 1-3 months over the past year, likely to supplement spending. In fact, median necessity spending was 5% higher for customers with gig income in September 2024, while median discretionary spending was 23% higher.
Read our full analysis for a more in-depth look at these trends.
