63% of laid-off workers turn to self-employment post-pandemic
Around 63% of people who lost their jobs during the pandemic are now shifting towards self-employment and the gig-economy, said neobanking platform Nearside.
In a survey of 1,000 self-employed workers, Nearside found out that 28% of respondents are moderately involved in self-employment, while 14% relies on self-employment as their primary source of income.
Nearside CEO Thomson Nguyen said that self-employed individuals faced “extraordinary challenges” over the past two years due to pandemic-induced lockdowns and restrictions.
He added that Nearside aimd to understand the freelance and gig economy to know how to bette support the sector’s success.
Out of all respondents, Nearside reported that 37% lost their previous job due to the pandemic.
At the same time, the pandemic also led to a substantial drop in both volumes of work and income.
In terms of working from home, about half of the respondents cited that it had a positive impact on their work-life balance, while only 19% said it had a negative outcome.
Nearsie’s Head of Growth Tim Wu said that these findings reveal “some very specific challenges that self-employed workers have faced during the pandemic”
However, Wu stated that the most “encouraging news is that well-being has increased, and the shift to remote work is likely a factor.”
