How Gig Workers will Ruin our Retirement - Millennials Decoded

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The Gig Economy is going to break the world, and we millennials are first in line for this.

There are two extreme and painfully different sides to this story.

Take a Digital Nomad, for example. They probably do consult for various businesses, maybe as developers, UX designers, or marketers, and they are living the dream.

Nomads are the poster child of the concept of the gig economy—a powerful poster to sell this concept of freedom to everyone else.

But their reality for most gig workers doesn’t come close to this.

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[roryp]

I am fully self employed these days, as an electrical worker. Prior to this I had worked part-time for one company and self-employed for the rest. I found that when I had multiple income sources, I got treated better by all of them, as I no longer had a boss who knowingly had control over my entire financial security.

[RoboNurse]

Millennials aren’t to blame for the gig economy because all they did was adapt.

Massive, monopolizing companies started by removing full-time positions, pensions, benefits, vacation/sick pay, and began to only hire part-time and casual workers in order to save money.

These companies could then drive down the prices charged for their goods, which were then bought by people who wanted/needed to save money, which then reinforced their behaviour. A good deal is a good deal.

So, to combat this, people started to work multiple part-time/casual jobs which then turned into the gig economy.

Plus, small business owners, in order to carve out a living while competing with giants, had to keep costs low so they had to hire gig workers as well.

It’s a vicious loop, but it did have a starting point.

[matti_ngb]

Even when Gigworkers were not independent then I would still prefer a Grabcar over a normal Taxi just because I would know the fare in advance. I always fear being scammed in metered Taxis...

[CamJames]

I've been preparing for a while. Paying down credit card debt and saving an emergency fund are my goals this year.

[adcaptandumvulgus]

It's no different than the pre-gig days when companies hired a bunch of part-time people instead of full-time to avoid paying benefits greed is going to screw humanity over eventually to where we can't adapt to survive. I hope I'm wrong

[exploshaun]

If these gig companies aren't profitable, then they should go bankrupt. Invisible hand of the free market, am I right?

[thegrantkennedy]

I moved abroad back in 2013. Struggled as an ESL teacher until opening my own business. Even during the hard times, my quality of life was still better than what I had back in Michigan.

[AddictedtoProjects]

I love you guys. This is a real hard pill to swallow, but we need to take it and work on a solution. Thanks for summarising it so well!

[athletixbc]

As someone who did gig work for Skip The Dishes, the biggest complaint gig workers have is there are usually too many drivers on the road for the number of orders. This means drivers spend a lot of idle time between orders, and we don't get paid unless we have food in the car. Basically, they get half of our time for free. They could pay drivers for all the time they have to be on shift, but then they would simply offer fewer shifts, and so most drivers would not get enough hours. In order to keep the same staffing levels AND pay drivers for all their time on shift, it would mean charging the customers more for the service.

[Shredderbox]

Honestly can't imaging trying to pass myself off as a business person, and then also having the AUDACITY to whine about the expense of having employees. If you can't afford employees, then you have no right to be in business.

[gigscheck]

Even traditional banks do not approve loans for gig workers as they do not earn a valid income source from regular employment.

[ChrisGoldie]

So if you cant afford to pay your employees correctly doesnt that mean you dont have enough money to start or maintain a business? Having "" the only way i can keep my business running is to barely pay my employees" is a horrible mindset to have as a business owner

[dabluflcn]

It’s not cheap enough to justify the convenience to me anymore. I did fall into a trap of ordering my food for delivery all the time until I took a minute to figure out why a $45 sushi order from 1.5 miles away from my apartment cost $95. I’ve gone back to just driving there and back myself.

[lucasglowacki]

It seems that millennials are their own customers in this gig economy. It’s like they created the demand for this. My parents don’t even know what Uber eats is and would never use it. Millennials created their own gig economy for things they seem to value.

[ryersongorman]

Raising a kid in the US costs $14, 000.00 is an average. As a full-time professional, full-time single dad; it costs me $45K to 45K per year to raise two elementary school kids. With the inflation rate, everything seems to be increased by 10% for food, medical care, daycare, shelter, entrainment, transportation, school supplies, etc.

[PorkyPhotito]

this is what happens when financial literacy is suppressed and not taught at the elementary level.

[earnthis]

You don't mention how super rich barely pay into the pension system. Their is a cap that allows them to pay a minimum amount. That can be changed and massively improve the pension system.

[Abilol]

In India, uber did not promote itself as a ride share. It was an AC taxi on demand.

[ClemFi]

19:06 You got your data wrong. As a French, and having read the actual official report on the pension system, i can tell you that the system is neither broken nor in need of a reform. The reform was unjust and unecessary, and is basically a scheme to favor private pension funds.
The fact that there is less active ppl per retiree than before is more than compensated by the rise of economic output per active ppl.