A Study on the Determinants of Financial Well-being Among Gig Workers

The growth of Gig platforms has rapidly expanded during post pandemic times. Gig workers often face numerous health, financial, mental and work-related challenges. Moving specifically to the financial challenges, these groups are characterised by irregular income, lack of health insurance, social welfare schemes thus posing a serious threat to their financial wellness. In today’s evolving financial landscape, gig workers face challenges in achieving financial well-being. This paper analyses gig workers Financial Well Being and focuses on finding out the main determinants of Financial Well Being and how it differs with respect to demographics. The research was conducted in the state of Kerala, a place well known for its literacy rate. The study was conducted among 206 Swiggy and Zomato workers using a structured questionnaire. The analysis part was done using statistical tools like WarpPLS and Process Macro. With these statistical tools, regression and Two-Way ANOVA tests were conducted. The findings suggest that Financial Literacy (FL), Financial Self Efficacy (FSE) and Risk Appetite (RA) have a notable impact on Financial Well Being (FWB). Also, there is an interesting result in relation to the two-way ANOVA test with regard to the financial well-being. The present study stresses on the importance of, financial education training programmes that improve budgeting and saving skills that can help Zomato and Swiggy employees improve their financial well-being. Also, programs aimed at building financial self confidence can be incorporated to enhance the financial health of gig workers.