Intuit Inc. (Nasdaq: INTU) today released the second annual “Dispatches
from the New Economy: The On-Demand Workforce” study, offering a window
into the motivations, attitudes and challenges of the 3.9 million
Americans now working in the on-demand economy.
The study, which features data from 6,247 people working via twelve
on-demand economy and online talent marketplaces, found that people
engaged in on-demand work are looking for flexible opportunities to
smooth out unpredictable income, while also testing ways to build a
secure financial future:
On-Demand Work is Used to Supplement Existing Income: The
average person working an on-demand job spends 11 hours per week, and
earns 24 percent of their household income via on-demand work.
Forty-one percent also have a traditional full-or part-time job.
On-Demand Work Fills Near-Term Financial Needs: Sixty-six
percent of people working on-demand report having variable monthly
income. Forty-one percent say that a financial hardship – such as a
job loss, medical problem, or unexpected major expense – impacted them
during the prior year. By comparison, just 18 percent of all Americans
in a recent
U.S. Federal Reserve survey reported encountering a financial
On-Demand Work Is Used To Build A Sustainable Future: Many
people are leaning on on-demand economy work to either develop a new
business, or to supplement and expand an existing business.
Thirty-seven percent already own a business, and 21 percent want to
build a business.
There is General Satisfaction With On-Demand Work: Thirty-eight
percent of people working in the on-demand economy feel they are
better off, while only 14 percent believe they are worse off.
Eighty-one percent plan to continue working an on-demand job over the
next 12 months, and 67 percent of people are satisfied with their
“We’re continuing to see how profoundly the on-demand economy and
technology is reshaping the American workforce and overall economy,”
said Dan Wernikoff, executive vice president and general manager of
Intuit TurboTax. “This new data demonstrates how more people are using
on-demand work to improve their financial stability. At Intuit, we’re
committed to understanding the challenges and needs of the growing ranks
of people working on-demand jobs so that we can help simplify their
financial lives and maximize their tax returns with solutions like
TurboTax Self-Employed and QuickBooks Self-Employed.”
On-Demand Worker Quotes
“I decided to start working on a platform while I was an attorney at a
law firm that told me there might not be enough work to justify my role.
I wanted to know that I could have financial security if I was let go,
and also to see if I could successfully run my own business,” said Josh
Garber, a startup attorney who finds the majority of his work online.
“My firm is now my full-time work, where I use platforms to get most
of my clients, and my lifestyle has changed dramatically. I have the
ability to create my own schedule, to focus on eating right and my
physical/mental health, to travel and work from anywhere, and to avoid
the stress of a commute and office politics.”
“I chose to work through online platforms because it gives me full
autonomy over my time, which I believe is the most sacred thing we
have,” said Victor Sandifer, Lyft driver and small business owner of Run
The World Clothing. “I am able to take care of all of my necessities
while building my clothing company, Run the World By Victor Sandifer. I
value my time and being able to spend it working on things that I am
passionate about is more important than having a steady paycheck.”
Long Term Growth of Self-Employment
In an updated forecast of previous Intuit
research, Intuit and Emergent Research now predict the number of
people working on-demand jobs will grow from 3.9 million Americans today
to 7.7 million by the year 2020, and an impressive 9.2 million by 2021.
The rise of the on-demand economy is part of a broader long-term growth
trend in the contingent workforce, which has grown from 17 percent of
the U.S. workforce 25 years ago, to 36 percent today, and is expected to
reach 43 percent by 2020.
TurboTax Self-Employed and QuickBooks Self-Employed
For self-employed individuals, including freelancers and independent
contractors, tracking finances and preparing taxes can be a year-round
challenge. To make life easier, Intuit Inc. has introduced TurboTax
Self-Employed, the first and only integrated tax preparation
solution that comes with QuickBooks
Self-Employed for year-round expense tracking.
TurboTax Self-Employed includes these money and time-saving benefits:
SmartLook™: Provides customers with priority access to a live,
one-way video connection to a TurboTax expert and CPAs or enrolled
agents who specialize in self-employment taxes and can offer
personalized, real-time answers to their tax questions – at no
additional cost. Customers can also schedule an appointment with an
agent at a time and date that works best for them.
ExpenseFinder™: Finds deductible business expenses that
self-employed may not know they can claim, saving them money. It
proactively uncovers business expenses by securely gathering and
automatically scanning bank accounts and credit card transactions and
recommending potential deductible business expenses. Customers then
confirm which expenses apply to their business to help them get every
deduction they deserve.
The product also comes with QuickBooks Self-Employed at
no extra cost when customers file their return through TurboTax
Self-Employed. QuickBooks Self-Employed delivers effortless, year-round
Expense Tracker: Tracks and categorizes expenses in real time
throughout the year. Users find on average $4,340 in potential
tax savings per year, cutting their tax bill by up to 36 percent. In
total, QuickBooks Self-Employed has uncovered over $1.1 billion in
Mileage Tracker: Tracks miles automatically and logs trips from
a mobile phone. Users log an average of $7,393 in potential
mileage deductions per year, finding an average 45 percent more
potential deductions by logging miles.
Receipt Capture: With a snap of a picture, receipts are stored
for easy access to proof of expenses.
A total of 6,247 workers who find work opportunities via online
platforms completed an online survey between Sept. 20 and Nov. 18, 2016.
Participating platforms include Lyft, Amazon Mechanical Turk, Upwork,
TaskRabbit, Wonolo, MBO Partners, OnForce, Work Market, Catalant, Field
Nation, Kelly Services and Avvo. The results were weighted to reflect
the proportion of workers in each of the following segments:
drivers/delivery/onsite consumer, online/offsite talent, field
About Intuit Inc.
Intuit Inc. creates business and
financial management solutions that simplify the business of life for
small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks® and TurboTax®,
which make it easier to manage small
businesses and tax
preparation and filing. Mint provides
a fresh, easy and intelligent way for people to manage their money,
while Intuit's ProConnect brand
portfolio includes ProConnect
Tax Online, ProSeries®
and Lacerte®, the
company's leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.7 billion in its fiscal year
2016. The company has approximately 7,900 employees with major offices
in the United States, Canada,
the United Kingdom, India, Australia
and other locations. More information can be found at www.intuit.com.