More Americans Exploring Freelance Work

The transition to remote work has led to an increase in contract and freelance work. According to recent research from Upwork, about 60 million Americans took on freelance work in 2022 and contributed $1.35 trillion in annual earnings to the economy. This is up 50 billion from 2021. What's causing this? The report says there are numerous factors including the transition to remote positions, economic uncertainty, the Great Resignation, and the trend of quiet quitting. The main reason? Many professionals are rethinking their careers, particularly young people. The report revealed that Gen Z and millennials are the most likely to take on freelance work. In 2022, 43 percent of Gen Z professionals and 46 percent of millennials performed freelance work, and the vast majority reported it to be a positive experience. “This optimism may be due to the fact that 68 percent of freelancers have more than one employer, job, or contract project,” the report observed. “With this diversity of income, there is less reliance on a single employer than those with a full-time job feel. Similarly, freelancers see more opportunities available.”