Are they Financially Well? Decoding Financial Well Being of Indian Gig Economy Workers
Creators
- 1. School of Commerce, Narsee Monjee Institute of Management Studies, Bangalore, India
- 2. Jindal Global Business School, OP Jindal Global University, Sonipat, India
- 3. Department of Commerce, University of Lucknow, India
Description
Abstract: This study explores the perceived financial well-being (FWB) of Gig workers in India, focusing on the key determinants that influence their financial status. The variables considered to assess FWB include Consumer Spending Self-Control, Income, Age, Education, Financial Knowledge, and Personal Saving Orientation. Convenience sampling was employed, targeting Gig workers in major Tier 1 and Tier 2 cities of India, namely Delhi NCR, Kolkata, Mumbai, Lucknow, Ahmedabad, Jaipur, and Kanpur. The sample size consisted of 430 participants, and data analysis was conducted using PLS-SEM. Findings indicate that income is the primary determinant of FWB, followed by personal saving orientation, education, and financial knowledge. Given the challenging working conditions faced by Gig workers, this paper offers insights to policymakers, government institutions, and both private and public banks to develop innovative financial products and schemes that can enhance the income and social security of Gig economy workers in India.
Keywords: Gig Economy, Financial Well-Being, PLS-SEM, Financial Knowledge.
JEL Classification Number: D12, D14.
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