Financial vulnerability, resilience and willingness to pay (WTF) for social protection of GIG workers in Malaysia

The gig economy has reshaped the labour market by offering flexible work but also exposing workers to risks in social protection and financial stability. This study examines short-term financial vulnerability, financial resilience, and willingness to pay (WTP) for social protection schemes among gig workers in Malaysia. These factors are analysed based on socioeconomic characteristics. A multi-stage sampling method was used to select respondents from different regions and gig job categories. Data were collected through online and face-toface surveys conducted between June and November 2022, yielding 452 usable responses. Bivariate tests, including the t-test and chi-square test, were used to identify significant associations or differences between key variables. Logistic regression was used to estimate the influence of gig workers’ financial vulnerability, resilience, and WTP based on their socioeconomic factors. The findings show that monthly income consistently affects both vulnerability and resilience. Higher education is linked to lower vulnerability and greater resilience. Gender, job category, and region significantly influence WTP and financial conditions. Unlike previous studies, age shows minimal effect on WTP and financial status when other factors are controlled. In conclusion, the study identifies several key factors that influence financial vulnerability, resilience, and WTP for social protection schemes. Monthly income, education level, and job category are main factors affecting financial vulnerability. In contrast, financial literacy, vulnerability, and income play important roles in strengthening financial resilience. Additionally, gender, job category, region, financial vulnerability, resilience, and literacy significantly influence WTP for social protection schemes. Tailored legislative measures and labour reforms are essential to meet the unique needs of gig workers in Malaysia. These should include financial literacy programs, targeted job interventions, and region-specific social protection schemes. Such efforts can improve gig workers' willingness to participate in social protection scheme, ensuring inclusive and effective support in the changing employment landscape