The Gig Economy and Financial Health: A Snapshot of Malaysia and China
Asia cemented its status as a gig economy hub in the last year, with the region emerging as a hotspot for freelance work in both the formal and informal economy. This popular trend brings benefits and new earning opportunities. However, there are trade-offs. For example, workers can face unpredictable incomes and have difficulties accessing relevant financial services that meet their needs.
In an effort to better understand the financial realities of gig workers in general (and as a result of COVID-19), and to design interventions to boost their financial health, the UNCDF Centre for Financial Health recently completed an in-depth study of 16,166 gig workers in two countries, China and Malaysia. In this study, UNCDF explores the landscape of the gig economy in Malaysia and China, focusing on the financial concerns and well-being of gig workers.