Exploring the Rise of Freelancing: Key Findings from the Freelance Forward 2023 Study

The Rise of Freelancing in the U.S.

Freelance work has become a popular choice for many workers seeking flexibility in their schedules and projects. In 2023, 64 million Americans freelanced, contributing $1.27 trillion to the economy.

Key Statistics from the Study

• 38% of the U.S. workforce freelanced in 2023
• 85% of freelancers are optimistic about the future
• Gen Z and millennials make up the majority of freelance workers

Financial Considerations for Freelancers

1. Emergency savings: Build a financial cushion before transitioning to freelance work
2. Taxes: Understand your new tax responsibilities as a self-employed worker
3. Benefits: Plan for covering benefits previously provided by employers

While freelancing offers flexibility and empowerment, it's essential to carefully consider the financial implications before making the switch.