Exploring Financial Literacy of Independent Musicians in the Gig Economy

The purpose of this study is to gain insight into the elements of the career of independent musicians. Specifically, how they overcome or fail to overcome the challenges of a gig economy through knowledge and ability to properly manage scarce financial resources. The research questions posed are as follows: (a) Does higher financial literacy allow independent musicians to sustain and improve their career in the gig economy? (b) How do independent musicians use financial literacy to sustain their career? (c) How does industry experience affect the ability of independent artists to effectively allocate financial resources? To answer these research questions, relevant literature is first reviewed. Then, the proposed exploratory study is outlined, where data collected through in-depth interviews is analyzed using single-coder methods of analysis. Following the explanation of methodology, the findings that result from this data are discussed. Finally, implications of results and limitations of the study are discussed