Fifty years ago, the expectation was that you would be in the same job until you retire. Today, 34% of the U.S. workforce are freelancers and that number is expected to reach 43% by 2020.
The shift is being driven by a few different factors.
First, the economy has been slow to recover since the Great Recession that started back in 2007.
People have had to figure out how to survive in a terrible job market. But, now that the economy is recovering, people are finding that they prefer the flexibility and independence that comes with being their own boss.According to Forbes, there are lots of reasons for the projected growth in the freelance lifestyle:
- Workers who enjoy pension plans in private companies in the US have declined alarmingly from 60% in 1982 to a mere 14% today. That’s much less people getting their retirement money and financial security from private US firms.
- Average rental costs increased by 13% in the US and yet median family income went down by 8% from 2000 to 2012. This means less buying power despite increased cost of living.
- According to the popular platform LinkedIn, the average length of time that people are unemployed is more than 25 weeks. This has propelled people looking for jobs into the freelance market.
- A study by two Oxford professors showed that developments in automation and computerization will put approximately 47% of jobs in the US at risk in the next 20 years. This is projected to affect workers in transportation, logistics, office and administration, and production.
Freelancing is an attractive option for people in all stages of life.
For younger workers, it can give you…
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