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Freelancers to become majority of workforce within a decade, study finds

Income stability is a challenge
Freelancers to become majority of workforce within a decade, study finds
Posted at 8:31 AM, Oct 17, 2017
and last updated 2017-10-17 12:23:19-04

A report released today by the Freelancers Union and Upwork shows freelancers will be the majority of the U.S. workforce within a decade.

Half of millennials are already freelancers, the "Freelancing in America 2017" report says.

"The fourth annual study estimates that 57.3 million Americans are freelancing (36 percent of the U.S. workforce) and contribute approximately $1.4 trillion annually to the economy, an increase of almost 30 percent since last year," the report states.

RELATED: 3 Tips every freelancer can use to maximize their money


The prediction is based on growth seen in the past year.

With a changing workforce, more than half of U.S. workers today do not trust the field they are in will exist 20 years from now, the Freelancers Union report says. It also says:
• Those choosing to freelance are doing it by choice and not out of necessity
• Freelancers seek to have a more diverse portfolio than having one employer may provide

While freelancing may have a boss-free benefit, the report states income predictability is a challenge, and 63 percent of full-time freelancers dip into savings each month.

The biggest enabler of freelancing? Tech. The majority of freelance work is being found online — 71 percent, the union's report says.