The Financial Well-Being of Independent Workers
To better understand how one’s sense of financial health and security may differ based on the way a person works, MBO Partners added financial security and well-being survey questions to the 2019 State of Independence in America Report (SOI). These survey questions were asked of three groups: independent workers, those with traditional jobs, and those not in the workforce.
This augmented survey included questions developed by the U.S. Consumer Financial Protection Bureau (CFPB), which the CFPB uses to create an individual’s financial well-being score. This score provides a common metric that allows comparisons of financial well-being across individuals or groups.
Financial well-being scores in MBO Partners’ 2019 SOI study show there is little difference in how independent workers and traditional job holders are managing financially.
One of the broader findings of the SOI study series is that independent workers with in-demand skills and a tolerance for the risks associated with independent work are thriving, showing that working independently is as financially viable as traditional employment.
Read on for our deep dive into the financial wellness in today's workforce and stay tuned for more research briefs from our State of Independence in America series throughout the remainder of the year.