Disparities in Retirement Preparedness in the Gig Economy
Background
Having access to an employer-sponsored retirement plan provides an important means for workers to save for retirement in the United States. Research shows disparities in access to an employer-sponsored retirement plan across races and ethnicities. Research also shows disparities in levels of retirement preparedness, including after normalizing for income, across races and ethnicities. During recent years, the U.S. has seen an increase in independent, contract or temporary work arrangements that are not tied to an employer (gig work)—how has the gig economy affected disparities in retirement preparedness?
Research Objective and Deliverables
This research would provide responses to the following questions, quantified by gender or sex, race/ethnicity, income and socioeconomic factors:
- How well are gig workers prepared for retirement compared to workers in traditional employment?
- To what extent does the gig economy reduce or increase disparities across sex or gender and race or ethnicity in retirement preparedness?
- What is the impact on these issues of state-sponsored retirement savings programs?
Target Audience and Impact
This research would provide facts that inform policymakers about the impact of the gig economy on workers’ retirement preparedness and how it differs across sex or gender, race/ethnicity, and socioeconomic factors.
Estimated Cost
Approximately $50,000