82% of the Lyft drivers spend under 20 hours for every week working for Lyft, the organization found as a major aspect of a recently discharged review concentrated on the organization’s monetary effect. Lyft’s examination likewise found that 26% of drivers possess a private venture and 74% said they utilize their profit from Lyft to bolster those independent companies. Lyft worked with Land Econ Group, a San Francisco-based monetary research firm, and studied 38,000 travelers and 15,000 drivers.
Furthermore, the review uncovered that 57% of drivers utilize their profit from Lyft toward essential life costs, which underpins the regular discernment that in spite of numerous drivers spending just a couple of hours for each week at work, a lion’s share of them are doing it to supplement other pay that isn’t sufficient to make a decent living. “We found that the drivers are center to lower wage [and] beneath the government middle by 10% to 12%,” Land Econ Group Bill Lee told Fortune.
In 2016, Lyft said it has paid out $1.5 billion in income to drivers, incorporating $100 million in tips from travelers. Other information about driver socioeconomics from the review include: 66% self-relate to minority bunches, 27% are ladies, 25% are 50 years of age and more than, 44% have no less than one youngster in their family, 10% are veterans, and 40% are guardians for family or companions. Additionally, 82% utilized or looking for work, 6% are understudies, and 5% are resigned.
The report likewise took a gander at the alleged financial effect of Lyft, and found that Lyft travelers have spared $511 million in travel time esteem in 2016 by utilizing the administration, which was computed utilizing rules from the U.S. Division of Transportation. “I think likely the most noteworthy commitment of Lyft is that it spares time for travelers,” said Lee.