Fueled by demographic changes, technology advances and shifting work paradigms, the freelance economy is booming as freelancing becomes a preferred lifestyle choice for more workers around the world. New technologies make remote working accessible and more productive; online marketplaces and social media networks provide new venues for freelancers to promote their skills and find work; and cross-border payment platforms make it easier for them to get paid, regardless of where the client is and what currency they use.
Freelancing’s growing popularity is driven by global generational shifts. Mostly led by younger workers in pursuit of greater independence and fresh business opportunities, 54% of millennials in developed countries started or plan to start their own business. And as many as 64% of millennial full-time workers want to have “side hustles” to make extra money. For older workers, freelancing provides an attractive option to extend their career while gaining a new measure of freedom and flexibility.
To better understand the trends impacting this global movement, we surveyed 7,000+ freelancers from more than 150 countries including emerging markets such as Pakistan, the Philippines and the Ukraine. Survey respondents comprise a random sample of Payoneer’s cross-border payment platform users, providing unique insights into how these globally-enabled freelancers operate, what makes them successful and what rates they command.