Impact of Gig Income on Long-Term Financial Planning Among College Youth in Mumbai

Abstract

The nature of employment has undergone an ultimate revolution in recent years, with the rise of the gig economy redefining how young individuals earn income. College youth increasingly engage in freelancing, internships, content creation, tutoring, and platform-based delivery work to supplement or replace traditional income sources. Gig Income is generated through flexible work arrangements where individuals earn per task, project, assignment, or service. Although gig income provides flexibility and early financial independence, it is characterised by irregular income, uncertainty, and lack of long-term security. This raises critical questions regarding the ability of gig-earning youth to plan for long-term financial goals such as savings, investments, insurance, and retirement. This study examines the relationship between gig income and long-term financial planning among college youth aged 18–25 years. The study uses a descriptive and analytical research design to explore the impact of income variability on a range of financial aspects including savings behaviour, investment planning, financial preparedness, and financial anxiety. The study also examines the moderating roles of financial education, family financial support, and career certainty. The study contributes to emerging literature on youth financial behaviour in the context of the future of work and offers valuable insights for educators, policymakers, and financial service providers.