Taskrabbit and Robinhood team up to help gig workers save for retirement

Gig workers and other independent contractors are typically on their own when it comes to their financial well-being, but a new partnership is helping them plan for the future with access to retirement benefits. 

Online marketplace Taskrabbit teamed up with financial services firm Robinhood to give contractors retirement benefits through The Robinhood Retirement for Independent Workers initiative. Workers have access to a match program for IRA contributions, as well as additional personalized financial support through GreenPath Financial Wellness, a financial education nonprofit. 

"At Taskrabbit, we're always trying to provide the kinds of experiences to our Taskers that they obviously can't get from a normal nine-to-five," says Morgan Courtney, director of supply operations and Success at Taskrabbit. "We can't provide the benefits that a traditional employer can provide, but we want to provide a compelling option to incentivize our independent workers to stay with us." 

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When asked which perks would make the biggest impact, 70% of Taskers said financial wellness benefits, according to the platform. Courtney says contractors make on average $45 per hour, and the company wanted to ensure Taskers had all the tools available to make the most of those funds. 

"We want to give an option that helps them to hold on and invest some of that money in their financial future as they prepare for retirement," she says. "It's up to them how much they'd like to invest, and for the first year of enrollment, all Taskers will receive a 2% match on their investment from Robinhood and then 1% for every subsequent year thereafter." 

On average, just 16% of independent contractors have a retirement savings account, and 34% say they have not saved anything for retirement, according to fintech platform Intuit. Courtney says the benefits help change the narrative that retirement savings is "something for other people."  

"There's a lot of people who don't feel like they can [save], or are actively seeking options to do this as an independent contractor," Courtney says. "We are providing easy ways to demystify saving and investing in their financial future."

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Beyond this new retirement planning benefit, Taskrabbit also offers perks like a partnership with healthcare startup Stride Health, as well as discounts at retailers like Office Depot. Because competition within the marketplace industry is so fierce, retaining these highly-skilled workers is top of mind, Courtney says. Like other traditional employers, retention is what drives them to support their workers. 

"Retention is the name of the game and we're always seeking differentiators," Courtney says. "We're trying to change lives one task at a time. We want to provide a great place for people to come and find fulfilling work and help them reach their earning goals."