Recent ABS statistics show the face of the gig economy is changing, with strong growth in the number of self employed people in the business leadership and health professional sectors, which increased by 27,000 people since 2011.
Until now, however, the self-employed have been largely ignored by traditional superannuation products.
With 75 percent of self-employed not contributing to their superannuation and one in five having no superannuation at all, there is a financial crisis looming, not only for the individuals, but for the Australian economy as the gig economy continues to grow.
We’ve co-designed GigSuper with experts of the gig economy - the increasing number of Australians who are shunning traditional workplaces in favour of flexibility and autonomy.
GigSuper takes advantages of this year’s legislative changes around superannuation which finally put self-employed workers on an equal footing with those in traditional employment arrangements.
With more than 20 years combined experience in delivering online financial products to Australia, we realised this was an opportunity to address the dirty little secret of many self-employed people...that untouched folder of superannuation paperwork in their bottom drawer.
GigSuper is an app-based product as flexible and clever as the gig economy itself, including providing unprecedented flexibility in accessing funds put aside for later in life in the event of unexpected income fluctuations.
We know that working job-to-job means that self-employed people deal with income fluctuations across the working year, and GigSuper is being designed so that money put aside for superannuation can be accessed for a rainy day.
A non-super account is linked seamlessly to the GigSuper app, and the invested funds can be converted to super with the tap of a button at the end of the financial year.
As escapees from the corporate scene ourselves, we know how difficult it is for people who are self employed to negotiate a superannuation framework designed for the traditional employer/employee relationship.
We have developed an app with removes the painful and time-consuming administrative burden which we know prevents many people from getting their super sorted.
GigSuper’s design is simple, flexible and secure, and clients can set up an account, roll over other super accounts and set up a non-super account in less than five minutes on their mobile phone.
If you are self-employed, GigSuper will make superannuation accessible and simple, allowing you to build your wealth and reduce your tax burden, all from your phone.
Superannuation should be a key tool in every Australian’s financial toolkit, and with GigSuper, those in the gig economy have an unprecedented chance to grow their financial future.
