A Study on the Effect of COVID-19 Uncertainty on Gig Workers' Job Insecurity and Banking Behavior

Abstract

Concerns about global instability and vulnerability have been raised by the massive economic crisis brought on by the COVID-19 pandemic. However, the COVID-19 epidemic and subsequent prolonged lockdowns have caused operational and financial difficulties for Indian institutions. Banks have devised a variety of measures to deal with the fallout from the epidemic, and as a consequence, clients have altered their financial behavior. The study takes a qualitative approach, analyzing the behaviors of gig workers via the lens of “expert mining.” Researchers found that gig workers' employment uncertainty had the reverse effect on their behavior, making them more likely to sacrifice spending in lieu of saving for the future and significantly reducing on necessities such as livelihood spending and travel plan. In addition, the research found that there was a favorable association between the attitude towards the internet and the adoption of mobile banking among gig workers during Covid uncertainty.