Robinhood is rolling out a retirement savings plan for certain gig workers, targeting a growing cohort of people who may not have access to traditional 401(k) options.
The new program, called Robinhood Retirement for Independent Workers, will be available to people who find work through Taskrabbit, Grubhub, and Gopuff starting the first week of March.
“A growing number of people are moving away from the usual 9-5, shifting towards freelancing and side hustles to make a living. But traditional systems haven’t caught up,” Robinhood said in a release Wednesday.
While most gig workers treat the job as a side hustle, many are utilizing the platforms as their primary income source. It’s a struggle to save for the future without access to retirement plans that are generally reserved for full-time employees. Robinhood shared a statistic that found more than 50% of independent workers don’t believe they have “effective access to retirement and savings plans.”
Under the new offering, Gopuff, Grubhub, and Taskrabbit gig workers will earn a boosted match ranging from 1% to 3% for the first year. They’ll also have access to a dedicated phone hotline for financial questions through the nonprofit GreenPath Financial Wellness. Robinhood said it expects to add more partners, but didn’t provide additional details.
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