New Data Shows Workers With Lowest Income Suffer Longest Wait Times for Unemployment Insurance
ATLANTA, Feb. 11, 2021 /PRNewswire/ -- Steady, an app used by over 2.5 million gig and hourly wage earners, today released findings from a national analysis which suggests that lower income gig workers experience longer delays than their more affluent peers, when it comes to accessing unemployment insurance.
The data reflects the growing disconnect between the unemployment insurance system, and the rise of the 1099 economy workforce which has grown 15% since 2010 and now accounts for more than one-third of the U.S. workforce, according to the Bureau of Labor Statistics. Unlike full-time employees, which have fewer income sources, 1099 or hourly wage earners often struggle to compile and provide paperwork from multiple income sources, including gig apps like Lyft or Instacart.
"1099 workers often face an insurmountable clerical task of providing docuentation of income from multiple streams, and then wait in the balance as the government attempts to verify it, " said Adam Roseman, founder and CEO of Steady. "The data tells us that Americans who need emergency relief the most often face the greatest delays in getting access to benefits."
Because workers grant Steady access to their actual bank transactions, the app can generate a real time understanding of earnings. Workers also use the app to generate "income intelligence" to inform job searches and financial decisions. According to an analysis published this year, workers who use the app see average gains of $5,500.
Other findings from Steady's analysis include:
"Steady's data highlights the harsh reality that our unemployment insurance system is ill-equipped to serve workers hardest hit by the pandemic," said Andy Stettner, fellow of the Century Foundation. "The requirement that unemployment insurance applicants send in their tax records or other verification may help to prevent rampant fraud, but in doing so, it blocks access to the benefits that American families urgently need."
To learn more, visit https://steadyapp.com/
Steady puts tools into the hands of American workers to help them solve their increasing income challenges caused by wages not keeping up with costs of living, the reduction of available work hours at employers due to their driving efficiencies, and future job loss due to automation. Steady makes it easier than ever for workers to fill their income gaps, gain insights into their income, and improve their overall financial well-being. Steady has over 2.5 million Members.
The Steady app can be downloaded for free from the App Store and Google Play.
View original content to download multimedia:http://www.prnewswire.com/news-releases/new-data-shows-workers-with-lowest-income-suffer-longest-wait-times-for-unemployment-insurance-301226805.html
IDEA Showcase Startup Pitch Event & Reception
Privacy for IoT
Keynote Presentation by Zoom