Digital money and gig economy (Part 1)

The gig economy represents a significant shift in the labour market, characterised by the rise of temporary, flexible jobs and often facilitated by digital platforms. Instead of traditional full-time employment with benefits and long-term job security, the gig economy emphasises short-term contracts, freelance work and independent contracting. This model has recently gained considerable traction, driven by technological advancements, changing economic conditions and evolving work preferences. Indeed in the US, recent labour statistics have highlighted that in the last 12 months there has been a fall in fulltime employment of 1.6 million whilst part time gig-work had increased by 1.8 million.

Source: X (Twitter)

Boosted in part by the global COVID-19 pandemic, gig working has increased as more and more people work remotely, having been estimated in the UK that: “The size of the UK gig economy is 3-5% of total employment, compared to 10-12% of wider casual work.” Gig working is defined by…