The findings in ‘The Hidden Cost of Gig Worker Living’ report highlight that more than three quarters of the workers surveyed have experienced issues with obtaining approval from financial institutions, with over 7 in 10 (74%) of UK-based gig workers having been denied access to basic financial products such as a loan, despite them having a good credit score.
Out of the 1002 gig workers that were surveyed, over a half (60%) have found themselves in the position where they needed to apply to three or more different lenders before receiving either credit card or loan access, with 10% having been successful when applying to their first lender.
As of now, in the UK there are 4.4 million people that work for gig economy platforms at least once a week, as per information provided in the company’s press release, with them having a contribution of GBP 20 billion to the country’s economy.
Out of the gig workers that were surveyed, over a half (52%) have confirmed losing out on a new home due to being declined by either a bank or a building society, although they were known to have affordability. Furthermore, the report highlights the struggles they had experienced when accessing financial services of the likes of loans or credit cards, with approximately a third (32%) having stated that it had placed stress on them and their partners, 29% having reported that this had caused them financial hardship, 20% that they were prevented from accessing housing, and another 29% having stated that they had the opportunities available to them in life impacted.
When talking about the future, 80% of those who have been surveyed expressed concerns related to how the current economic climate will impact their ability to receive approval for a loan and to help with the cost of living throughout winter and the holiday seasons, with 25% having confirmed that they are looking to apply for a loan in the months to come.
Commissioned by Rollee, the survey was conducted by Opinion Matters among 1002 UK-based gig workers that have a minimum of one self-employed job or platform job, with the fieldwork having been carried in November 2022.
Rollee aims to help financial institutions with making fair and accurate decisions when applying for financial services, working in the UK with lenders, insurances, accountants and PCO fleet managers to provide them with a gateway for gaining access to income and employment data in an easy, fast, and reliable manner.
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