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Understanding Retirement Asset Ownership Among Gig Workers

As the gig economy flourishes, there are increasing worries regarding how gig workers—freelancers and independent contractors—engage with the retirement planning landscape. Common perceptions suggest that this workforce lacks access to employer-sponsored plans, leading to assumptions about their disconnection from long-term savings and heightened risk of financial insecurity in retirement.

However, a comprehensive national survey conducted by the Investment Company Institute (ICI) has surfaced findings that contest these assumptions. The ICI added gig-related queries to a survey in the fall of 2025, aiming to uncover how gig workers are actually managing retirement savings amid their diverse work arrangements.

Survey Findings: A Fresh Perspective

The survey results reveal striking insights: around 71% of gig workers report that their households possess retirement assets, a figure closely mirroring the 74% of non-gig workers who also reported having similar assets. This suggests that the retirement system might be functioning better than previously assumed, indicating that a significant portion of gig workers are partaking in retirement savings plans despite the narrative that paints them as financially neglected.

Notably, the data shows little difference in asset ownership between gig workers who depend on this income as their primary source and those who utilize it as a supplementary means, with 68% and 73%, respectively, reporting ownership of retirement accounts. This evidence adds a layer of complexity to the dialogue surrounding retirement security, reinforcing the idea that many gig workers are actively saving for their future.

The Role of Gig Work in Financial Planning

The survey does not only indicate engagement in retirement savings but also sheds light on the role gig work plays in broader financial strategies. Most gig workers—around 73%—are utilizing their freelance or gig earnings to enhance their incomes from other jobs rather than relying on gig work solely. This supplementary aspect illustrates that many individuals are integrating gig jobs into their overall financial portfolio rather than replacing their traditional employment entirely.

Moreover, even among those for whom gig work is the primary source of income, retirement asset ownership stands at a remarkable 68%. This participation hints at a nuanced understanding of retirement saving among gig workers, indicating that they actively seek avenues for financial stability through various retirement vehicles such as IRAs and 401(k) plans.

Age and Retirement Engagement

Perhaps one of the most encouraging findings of the survey is the level of engagement with retirement saving across different age groups. Concerns often arise regarding younger gig workers potentially neglecting long-term saving and investment opportunities. Contrary to these fears, the data presents a positive outlook, demonstrating high rates of retirement account ownership among gig workers of all ages. This ownership spans a range of retirement vehicles, emphasizing the importance of options that cater to non-traditional employment patterns.

The flexibility and accessibility of retirement accounts, combined with self-employed workers' awareness of their choices, play crucial roles in facilitating their engagement with retirement savings. With options ranging from traditional IRAs to SIMPLE IRAs and individual 401(k) plans, self-employed individuals can strategically navigate their retirement opportunities based on their unique income situations.

Conclusion: A Call for an Evidence-Based Approach

As policymakers investigate the future of retirement systems in light of evolving employment structures, it is essential to ground discussions in data-driven insights about gig-worker households. Understanding that a considerable portion of gig workers are actively participating in retirement savings should inform and shape policy considerations aimed at enhancing financial security for this demographic. Through a clear recognition of gig workers as proactive members of the financial systems, we can pave the way towards more inclusive and effective retirement solutions that cater to a diverse workforce.