Yahoo Finance: Uber, Lyft: Gig economy employees are facing a heightened retirement crisis
Author: Siân Killingsworth / 11 May 2019
Do gig economy workers have a harder time saving for retirement than most? Our Founder + CEO Chad Parks thinks so.
At Ubiquity Retirement + Savings, we think those that dare dream beyond the 9-5 deserve the same opportunity to secure their financial futures as those in the traditional workplace. Unfortunately, as Americans are increasingly falling behind on their retirement savings, things look even worse for the nearly 16 million working in the gig economy. Most of these workers are part-timers who freelance on the side to supplement their paychecks.
According to our founder and CEO Chad Parks, “Despite the overall gig economy booming with companies like Lyft and Uber going public, the companies’ staunch resistance to meet drivers’ demands for full-time employment and benefits “has the potential” to worsen the retirement crisis.”
Despite the overall gig economy booming, the companies’ staunch resistance to meet drivers’ demands for full-time employment and benefits “has the potential” to worsen the retirement crisis, Chad Parks, Founder and CEO of Ubiquity Retirement + Savings told Yahoo Finance.
“In today’s world where most companies have abandoned pension plans and Social Security provides a very small portion of your retirement income, it puts the onus squarely on you to save for your future. It’s unfortunate, but this is the reality.”