Encouraging Effective Retirement Savings for Self-employed and Gig Economy Workers

The goal of this challenge is to ideate innovative solutions that encourage individuals, especially those who are self-employed or working in the gig economy, to save more effectively for retirement. The aim is to address the unique challenges and barriers these individuals face in building sufficient retirement savings.

Self-employed individuals and gig economy workers often lack access to traditional employer-sponsored retirement plans and face financial instability, making it challenging to save for retirement. This challenge presents an opportunity to explore new approaches and solutions that promote retirement savings and financial security for this growing segment of the workforce.

We are seeking submissions that propose strategies to encourage effective retirement savings for self-employed individuals and gig economy workers. Participants should consider factors such as irregular income, limited access to employer-sponsored retirement plans, lack of financial education, and the need for flexibility and personalized solutions.

• Innovative retirement savings platforms or tools designed specifically for self-employed individuals and gig economy workers, offering flexibility, automation, and personalized guidance
• Strategies to raise awareness about the importance of retirement savings and provide financial education tailored to the unique needs and challenges of this population
• Collaborative models that leverage partnerships with gig platforms, financial institutions, and government entities to facilitate retirement savings options and contributions
• Creative approaches to incentivize retirement savings, such as matching contributions, tax incentives, or rewards programs
• Solutions that address barriers to retirement savings, such as irregular income, debt management, and short-term financial needs
• Integration of technology and digital platforms to make retirement savings more accessible, user-friendly, and convenient for self-employed individuals and gig economy workers

Submissions will be evaluated based on the following criteria:

• Innovativeness and originality of the proposed solution
• Relevance to the challenge goals and addressing the deep brief
• Potential for encouraging retirement savings and improving financial security for self-employed individuals and gig economy workers
• Feasibility and scalability of the solution
• Consideration of the unique needs and challenges of this specific population

The winning submission will receive a grant and the opportunity to collaborate with stakeholders to further develop and potentially implement their solution, making a tangible impact on retirement savings for self-employed individuals and gig economy workers.

• Understanding the financial habits and preferences of self-employed individuals and gig economy workers to design effective retirement savings solutions
• Providing education and tools to help individuals navigate irregular income and manage short-term financial needs while prioritizing long-term retirement savings
• Leveraging partnerships with gig platforms, financial institutions, and government entities to increase retirement savings options and contributions
• Incorporating behavioral economics principles to encourage regular savings habits and positive financial behaviors
• Ensuring the solutions are accessible, user-friendly, and tailored to the digital proficiency of the target audience

Q: Can the proposed solution focus on a specific segment of self-employed individuals or gig economy workers?
A: Yes, participants can tailor their solution to address the needs of specific segments within the self-employed or gig economy workforce, as long as the overall aim is to encourage effective retirement savings.

Q: Are there any geographical restrictions for this challenge?
A: The challenge is open to participants globally, as retirement savings is a universal concern. However, participants should consider the cultural and regulatory context of their proposed solutions in specific regions or countries.

Q: Will the winning solution receive support for implementation?
A: Implementation plans will be discussed and determined in collaboration with the challenge organizers and relevant stakeholders to facilitate the successful deployment and impact of the winning solution.