Half of Americans Use Shared Services

About 54% of adults in the U.S. use some type of ride-hailing, home-sharing or streaming entertainment service on a regular basis, according to Illinois-based insurer Country Financial.

Of the people using these services, 59% surveyed report using them weekly and another 25% do so every day. But spending is relatively low, with 72% of respondents indicating they pay less than $50 per month on shared services.

Only 3% of Americans say they use shared services to earn money. The bulk (40%) of those who do are ride-hailing drivers for services such as Uber and Lyft. About 20% rent out their homes (Airbnb), and one in seven participates in freelance labor (TaskRabbit).

Workers in such jobs typically earn between $500 and $1,000 a month. The income is primarily used to pay down debt, daily expenses and retirement savings.

Some 60% of people employed by shared-service companies don’t have insurance to cover themselves or their customers for potential injuries, accidents and theft, according to the study. In addition, many of the workers don’t fully take into account expenses such as fuel and maintenance when calculating earnings.

More than two in five respondents (42%) rank their financial security as “fair” or “poor.”

Country Financial has sponsored its Financial Security Index studies since 2007. Conducted by GfK researchers, this year’s nationwide study included more than 1,000 adults.