1. T. Rowe Price Survey
Financial Attitudes
& Behaviors Toward
the Gig Economy
April 2, 2018

2. 2
Table of Contents
§ Survey Methodology
§ Profile of Survey Participants
§ Meet the Gig Economy Workers
§ Why Gig Economy Work Works
§ The Financial Impact of Gig Economy Work
§ Conclusion

3. 3
Survey Methodology
§ Who
– Sample Size: 800
– Country: United States
§ Demographics
– Random representative sample of U.S. Census (18+) data
§ When
– February 6-11, 2018
§ What
– ‘‘Gig economy’’ is defined for this survey as a trend in the workforce where people
work more independently full- or part-time, earning income through freelance,
contract, and temporary employment or business ownership.
– For results based on the total sample of national adults, the margin of sampling error
is +/- 3.5 percentage points at the 95% confidence level.
– Note: Data in graphs shown may not all add up to 100% due to cohort sizes in specific
responses, multiple responses, and rounding.

4. PROFILE OF SURVEY
PARTICIPANTS

5. 5
Gender
43%
57%
0%
10%
20%
30%
40%
50%
60%
Male Female
Base: Total Respondents (N=800)

6. 6
Age
Base: Total Respondents (N=800)
Millennial Generation
X
Baby Boomer Silent
Generation
0%
12%
22%
35%
14%
12%
5%
0%
10%
20%
30%
40%
50%
60%
Under 18 18-24 25-36 37-52 53-59 60-71 72 or older

7. 7
2%
7%
17%
32%
22%
2%
18%
0%
10%
20%
30%
40%
50%
60%
Below high
school
Some high
school
High school
graduate
Some college College
graduate
Some
postgraduate
studies
Postgraduate
studies
Education
Base: Total Respondents (N=800)

8. 8
Marital Status
47%
12%
26%
11%
3%
0%
10%
20%
30%
40%
50%
60%
Married Living with
partner/significant
other
Single,
never married
Separated/
divorced but not
remarried
Widowed
but not remarried
Base: Total Respondents (N=800)

9. 9
Children*
40%
13% 13%
17%
12%
10%
19%
0%
10%
20%
30%
40%
50%
60%
No Children Under Age 6 Age 6-11 Age 12-17 Age 18-24 Age 25-29 Age 30+
*All that apply including all ages
Base: Total Respondents (N=800)

10. 10
Current Employment Status
34%
13%
8%
13%
4%
14% 14%
0%
10%
20%
30%
40%
50%
60%
Employed full-
time with no
outside income
Employed part-
time with no
outside income
Employed full- or
part-time and
supplements with
gig work*
Works
independently,
earning income
within gig
economy*
Retired but
supplements
income with
gig work*
Retired and reliant
on savings, Social
Security, and/or
investment
income
Dependent with
no income
*Gig work includes earning income as a freelancer, contractor, temporary employee, or business owner.
Base: Total Respondents (N=800)

11. 11
Individual Income
Base: Total Respondents (N=800)
33%
26%
17%
9% 9%
4%
2%
0%
10%
20%
30%
40%
50%
60%
Under $25,000 $25,000-
$49,999
$50,000-
$74,999
$75,000-
$99,999
$100,000-
$149,999
$150,000-
$249,999
$250,000
or more

12. 12
Participates in an Employer-Sponsored
Retirement Plan*
*Employer-sponsored plans include 401(k) and 403(b)
Base: Total Respondents (N=800)
43%
57%
0%
10%
20%
30%
40%
50%
60%
Yes No

13. 13
Value of Household Retirement Plans*
*Retirement plans include 401(k) and 403(b)
Base: Respondents (N=726)
30%
21%
12% 11% 12%
7%
5%
3%
0%
10%
20%
30%
40%
50%
60%
None $1-
$24,999
$25,000-
$49,999
$50,000-
$99,999
$100,000-
$249,999
$250,000-
$499,999
$500,000-
$999,999
$1,000,000
or more

14. 14
Value of Household Investable Assets
Outside of Employer-Sponsored
Retirement Plan(s)*
*Employer-sponsored plans include 401(k) and 403(b)
Base: Respondents (N=708)
26% 25%
12%
8%
11%
8%
5% 5%
0%
10%
20%
30%
40%
50%
60%
None $1-
$24,999
$25,000-
$49,999
$50,000-
$99,999
$100,000-
$249,999
$250,000-
$499,999
$500,000-
$999,999
$1,000,000
or more

15. MEET THE GIG ECONOMY
WORKERS

16. 16
About 25% of U.S. Workers Participate
in Gig Economy
Thinking about your current employment and/or sources of individual
income, which of the following currently applies to you??
Base: Total Respondents (N=800), Millennial (N=270), Generation X (N=282), Baby Boomer (N=207), Silent Generation (N=41)
5%
11%
19%
9%
2%
6%
10%
9%
12%
9%
3%
1%
5%
29%
34%
40%
6%
15%
19%
73%
34%
4%
1%
2%
6%
14%
23%
0% 20% 40% 60% 80% 100%
Silent
Generation
Baby Boomer
Generation X
Millennial
GIG ECONOMY
Works independently, earning
income within gig economy*
Employed full- or part-time and
supplements with gig work*
Retired but supplements
income with gig work*
TRADITIONAL
Employed full-time with
no outside income
Employed part-time with
no outside income
NOT WORKING
Retired and reliant on savings, Social
Security, and/or investment income
Dependent with no income
By Generation

17. 17
Flexibility of Gig Economy Work Helps
Narrow Employment Gap Between Genders
Thinking about your current employment and/or sources of individual
income, which of the following currently applies to you??
Base: Total Respondents (N=800), Female (N=456), Male (N=344)
15%
11%
8%
8%
5%
4%
40%
29%
6%
18%
19%
11%
7%
20%
0% 20% 40% 60% 80% 100%
Male
Female
GIG ECONOMY
Works independently, earning
income within gig economy*
Employed full- or part-time and
supplements with gig work*
Retired but supplements
income with gig work*
TRADITIONAL
Employed full-time with
no outside income
Employed part-time with
no outside income
NOT WORKING
Retired and reliant on savings, Social
Security, and/or investment income
Dependent with no income
By Gender

18. 18
Boomers More Likely to Enter Gig
Economy Out of Necessity
Did you enter this type of independent work by choice or did you enter
it out of necessity??
Base: Millennial (N=77), Generation X (N=81), Baby Boomer (N=44)
77%
67%
57%
23%
33%
43%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Millennial Generation X Baby Boomer
By
Choice
Out of
Necessity

19. 19
Attitudes to Gig Economy Are Positive,
Even Among Those Who Joined Out
of Necessity
Do you feel that the gig economy has had a positive or negative impact
on your financial situation??
Base: By choice (N=138), Out of necessity (N=66)
1%
9%14%
9%
20%
47%
56%
33%
11%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
By ChoiceOut of Necessity
Very
Positive
Impact
Somewhat
Positive Impact
No
Impact
Somewhat
Negative Impact
Very
Negative Impact
By Reason for Joining Gig Economy

20. WHY GIG ECONOMY
WORK WORKS

21. 21
Respondents Familiar With Gig Economy
Consider It a Positive Societal Trend
Do you feel that the gig economy is a positive or negative trend
in our society??
Base: Those who have heard of the term “gig economy” (N=286)
5% 13% 8% 49% 25%
Very
Positive
Impact
Somewhat
Positive
Impact
No
Impact
Somewhat
Negative
Impact
Very
Negative
Impact

22. 22
32%
39%
11%
23% 23%
13%
19%
12%
1%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
I stay more on
top of my bills
I check my
accounts
more
regularly
I speak to
my financial
advisor
more often
I am more
"hands on"
with my
individual
investment
accounts
I work harder
to make sure
I have good
credit
I try to create a
more diversified
investment
portfolio
I'm focused
more on long-
term returns
I'm focused
more on short-
term returns
Other (specify)
Gig Economy Work Makes Individuals
More Financially Accountable
How have you become more involved with your finances as a result of
doing this type of independent work??
Base: Female (N=76), Male (N=82)

23. 23
Gig Economy Offers Freedom, a Better
Lifestyle, and Balance
For each phrase below, please indicate whether you associate it more with
the gig economy or more with traditional full-time work.?
Base: Millennial (N=270), Generation X (N=282), Baby Boomer (N=207), Silent Generation (N=41)
61%
46%
40%
33% 31%
21% 20% 19% 17%
0%
25%
50%
75%
100%
Freedom Better
Lifestyle
Balance Career
Opportunity
Accumulation
of Wealth
Financial
Security
Long-Term
Savings
Job
Security
Stability
By Association With the Gig Economy

24. 24
Baby Boomers Express More Positive
Feelings About Gig Economy
How does being a part of the gig economy make you feel??
25% 28%
16%
75% 72%
84%
0%
25%
50%
75%
100%
Millennial Generation X Baby Boomer
Positive
Negative
Base: Millennial (N=79), Generation X (N=80), Baby Boomer (N=44)
Positive responses include: Free, Independent, In Control, Adventurous, Empowered, Energized
Negative responses include: Anxious, Out of Control, Scared, Uncertain

25. 25
Gig Economy Drives Workers to Be More
Involved in Their Finances
Do you feel that doing this type of independent work has made you more or
less involved with your personal finances (investments, savings, etc.)??
Base: Gig Workers (N=204)
1%
9% 11% 37% 41%
Slightly more
involved
No
Impact
Slightly
less
involved
Much
less
involved
Much more
involved

26. 26
Gig and Traditional Workers Perceive
Greater Opportunity in Traditional Work
For each phrase below, Please indicate whether you associate it more with
the gig economy or more with traditional full-time work.?
Base: Gig Workers (N=200), Traditional Workers (N=600)
31%
69%
39%
62%
Associate more with
gig economy
Associate more with
traditional work
ACCUMULATION OF WEALTHCAREER OPPORTUNITY
Traditional Workers Gig Workers Traditional Workers Gig Workers
29%
72%
39%
61%
Associate more with
gig economy
Associate more with
traditional work
By Type of Worker

27. 27
Baby Boomers See Less Opportunity to
Accumulate Wealth in Gig Economy
For each phrase below, Please indicate whether you associate it more with
the gig economy or more with traditional full-time work.?
Base: Millennial (N=270), Generation X (N=282), Baby Boomer (N=207)
39%
61%
30%
70%
29%
71%
Associate more with
gig economy
Associate more with
traditional work
ACCUMULATION OF WEALTHCAREER OPPORTUNITY
Millennial Generation X Baby Boomer Millennial Generation X Baby Boomer
35%
65%
33%
67%
25%
75%
Associate more with
gig economy
Associate more with
traditional work
By Generation

28. 28
Gig Workers Report Positive Impact on
Financial Situation
Do you feel that the gig economy has had a positive or negative impact
on your financial situation??
Base: Gig Workers (N=200), Traditional Workers (N=600)
11% 13%
41%
55%
32%
21%
15%
9%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Gig Workers Traditional Workers
Very
Positive
Impact
Somewhat
Positive Impact
No
Impact
Somewhat
Negative Impact
Very
Negative Impact
By Type of Worker
2% 2%

29. 29
3% 1% 2% 3% 3%
15%
9% 10%
16% 13%
7%
53%
54% 52%
44% 51%
48%
21%
24% 27%
23%
25%
30%
9% 11% 8%
14%
9%
15%
Under
$25,000
$25,000-
$49,999
$50,000-
$74,999
$75,000-
$99,999
$100,000-
$149,999
$150,000
or more
Income Is the Driving Factor Behind
Satisfaction With the Gig Economy
Do you feel that the gig economy has had a positive or negative impact
on your financial situation??
Base: Under $25,000 (N=266), $25,000-$49,999 (N=211), $50,000-74,999 (N=135), $75,000-$99,999 (N=73), $100,000-$149,999 (N=69),
$150,000 or more (N=46)
Very
Positive
Impact
Somewhat
Positive Impact
No
Impact
Somewhat
Negative Impact
Very
Negative Impact
By Income Bracket

30. 30
Work/Life Balance Drives Gig Economy
Participation as Workers Age
What motivated you to choose this type of independent work??
Base: Millennial (N=58), Generation X (N=54), Baby Boomer (N=25)
2%
24%
33%
56%
19%
19%
12%43%
33%
24%
14% 13% 8%
0%
25%
50%
75%
100%
Millennial Generation X Baby Boomer
INCREASE
SAVINGS
SUPPLEMENT
INCOME
PROFESSIONAL
DEVELOPMENT
WORK/LIFE
BALANCE
OTHER

31. THE FINANCIAL IMPACT
OF GIG ECONOMY WORK

32. 32
The Income Gap Between Traditional
and Gig Workers Is Narrow
Individual income.?
Base: Gig Workers (N=166), Traditional Workers (N=373)
Traditional Workers Gig Workers
23%
28%
20%
11%
10%
5%
2%
29%
25%
19%
9%
10%
5%
4%
0%
5%
10%
15%
20%
25%
30%
35%
Under
$25,000
$25,000-
$49,999
$50,000-
$74,999
$75,000-
$99,999
$100,000-
$149,999
$150,000-
$249,999
$250,000
or more

33. 33
19%
30%
13%
10%
11%
8%
5%
4%
21%
22%
15%
10%
16%
7%
3%
6%
0%
5%
10%
15%
20%
25%
30%
35%
None $1-$24,999 $25,000-
$49,999
$50,000-
$99,999
$100,000-
$249,999
$250,000-
$499,999
$500,000-
$999,999
$1,000,000
or more
Gig Workers Report Taxable Investments
In Line With Traditional Workers
What would you estimate to be the total value of your household's
investable assets outside of a 401(k)/403(b) (e.g., stocks, bonds, mutual
funds, annuities, ETFs, etc.)?
?
Base: Gig Workers (N=154), Traditional Workers (N=328)
Traditional Workers Gig Workers

34. 34
More Gig Workers Report Managing Their
Own Investments Than Traditional Workers
Do you have a dedicated financial advisor that you rely on for help with
your financial decisions??
Base: Gig Workers (N=121), Traditional Workers (N=266)
50%
60%
20%
12%
30% 28%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Traditional Workers Gig Workers
I don't have an advisor;
I/we manage the
investments myself
I have an advisor(s)
that I/we use for some
of my accounts
By Those Who Have Investments
I have an advisor(s)
that I/we use for all of
my accounts

35. 35
Both Gig and Traditional Workers Get
Satisfaction From Working
Why do you plan on continuing to work??
Base: Gig Workers (N=133), Traditional Workers (N=320)
4% 3%
60% 62%
35% 35%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Traditional Workers Gig Workers
I am behind on my
retirement goals and
will not be able to afford
to stop working when
I'd like to
Other
I get
satisfaction
out of working
and don't want
to stop
By Those Who Responded They Plan on Continuing to Work

36. 36
To Make Ends Meet in Retirement, More
Are Likely to Continue Working Instead
of Downsize
What is the contingency plan that you have in place in case you don’t
have enough saved for retirement??
Base: Gig Workers (N=66), Traditional Workers (N=176)
0%
20%
40%
60%
80%
100%
Traditional Workers Gig Workers
Move in with my kids
Move in with other family
Keep working in my
current job
Do part-time or
freelance work to
make ends meet
Sell my house and
downsize or move
somewhere less
expensive
RELOCATE
EMPLOYMENT
OTHER
OTHER EMPLOYMENT RELOCATE
5%
OTHER EMPLOYMENT RELOCATE
41%
31%
34%
9%
6%
8%
48%
33%
38%
6%
3%

37. 37
More Gig Workers Investing Outside of
Employer-Sponsored Retirement Plans
Than Traditional Workers
Do you feel at a disadvantage as a result of not having a 401(k) or 403(b)
available to you??
Base: Gig Workers (N=134), Traditional Workers (N=325)
11%
22%
49%
18%
No Yes
No, I just
choose not to
save at all
No, I save in
other accounts,
and I think they
are just as good
Yes, I am not
currently saving for
retirement as a result
Yes, I save in
other accounts,
but I don’t think
they’re as good
GIG WORKERS
23% 22%
31%
24%
No Yes
No, I just
choose not to
save at all
No, I save in
other accounts,
and I think they
are just as good
Yes, I am not
currently saving for
retirement as a result
Yes, I save in
other accounts,
but I don’t think
they’re as good
TRADITIONAL WORKERS

38. CONCLUSION

39. 39
Gig Work Compels Workers to Be More
Involved in Personal Finances
check their accounts more regularly39%
32%
manage their own investments, compared with 50% of
those traditionally employed
report being more on top of their bills
23%
are more “hands on” with their individual
investment accounts
60%
T. Rowe Price Investment Services, Inc.
CC48BEKG6
201803-453402