The way we work is changing more and more each year. The gig economy, which involves freelancers, independent contractors, and temporary work, continues to expand as more people join platforms like UpWork and Uber as a side hustle or move entirely to remote work.
While working in a non-traditional way has its perks, including remote work and being able to prioritize your interests, it has pitfalls as well. One of these major pitfalls is the difficulty associated with administrative tasks and planning for retirement. Whether its preparing for tax season, an unexpected hospital bill, or that vacation you’re planning on taking, it’s all a little more difficult once you’re outside of the traditional work life.
Enter Catch, the financial planning and health insurance platform designed to help the gig economy pull itself together when it comes to personal finances. “In order to stay competitive as a society, we need to address inequality and volatility. We think Catch is the first step to offering alternatives to the mandate that benefits can only come from an employer or the government,” explains Catch co-founder and COO Kristen Tyrrell.
Catch begins by providing recommendations for what products and services you should have (health insurance, tax savings set aside, etc.) and what products you could wait to invest in. From here, you can sync up your bank account and Catch serves as an HR department, setting aside a percentage you decide on for things like time off, retirement, and taxes.
It’s also working to expand its offerings to include health insurance, life insurance, and a student loan repayment plan. All of these are incorporated into one plan where the user designates the percentages of each paycheck are allocated to individual elements.
Catch is coming at the perfect time. According to a McKinsey study, over 64 million US and European workers are now a part of the gig economy, and that number is only expected to grow. A recent article by Forbes lists dealing with the “hassles of running a business” as one of the key struggles for gig workers. This includes organizing your independent finances without the help an employer or expert. However, at least for this problem, there’s a Catch.
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