Why do so many Gen Z have side hustles?

Many Gen Zers have a full-time job and a side hustle, partly because they're wary of getting burned by their employers: 'They've seen it happen to their parents, to millennials' Forty percent of Gen Z have both a job and side hustle, according to a new report from EY.

How are Gen Z making so much money?

Gen Z's approach to earning money goes beyond traditional jobs. Many are exploring side hustles and becoming entrepreneurs. This has enabled them to establish multiple money streams and gain valuable experience in money management and business, better positioning them to increase their wealth over time.

Why is Gen Z more likely to freelance?

Gen Zers recognize that freelancers are part of a full talent strategy: In fact, 61% of Gen Zers believe that using freelancers is a very effective lever for building talent pipelines, which compares to 47% of millennials, 35% of Gen Xers, and 37% of baby boomers.

Why are so many people advertising side hustles?

Financial pressures

One reason side hustle culture has become so popular among millennials is because many entered the workforce following the Great Recession and had to take on additional work to make ends meet. Today, many millennials continue to face financial challenges.

How Gen Z really feels about Hustle culture?

But, Gen Z is pushing for change—that largely includes prioritizing mental health, setting boundaries with employers and saying goodbye to hustle culture (as it was previously known). And, older generations are fully on board with moving on from these workplace dynamics.

72% of Gen Z has a "side hustle," survey finds

Are Gen Z motivated by money?

“My studies have shown that being happy and fulfilled, and making enough to live comfortably top the most important features in Gen Z's ideal careers – not being rich and travelling the world.” So, it's not necessarily that Gen Z are greedy or money-grabbing; the majority, say experts, just want to cover their costs.

Are Gen Z leading the side hustle economy?

Nearly four in 10 Gen Zers are working side hustles on top of another job, per new EY research. Gen Z is stressed about money and their futures, leading some to practice "financial pragmatism." Gen Zers are also overwhelmingly mistrustful of large businesses and the government.

What percentage of Gen Z has a side hustle?

Forty percent of Gen Z have both a job and side hustle, according to a new report from EY. Moonlighting used to be considered a sign of poor financial planning, an admission that one's current salary wasn't enough to live off.

Why do most side hustles fail?

The biggest problem with side hustles is they can make you think small. Instead of going all-in on an idea a side hustle can force you to only do it part-time. You can accidentally put in minimum effort because it's not the main gig. A side hustle lets a lot of people off the hook.

What is the number 1 side hustle?

1. Freelancing. Freelancing is a tried-and-true way to earn extra money and deserves a top spot on any list of easy side hustle ideas. Freelancers deliver work on a per-project basis for one or more clients and you can schedule it in your spare time.

Does Gen Z prefer to work alone?

Chicago — In the survey of over 1,200 U.S. professionals by global recruitment firm Robert Walters, under 1 in 5 Gen Z workers said they preferred working in a team environment while 31% said they “work better alone,” according to Yahoo News.

What jobs do Gen Z prefer?

Is Gen Z job hopping?

83% of Gen Z workers consider themselves job hoppers, study suggests. Young workers name several motivations behind their work decisions, not just money, including opportunity for growth and flexibility. For Gen Z, job hopping isn't a sign of instability.

Is Gen Z struggling financially?

Gen Z faces unique financial challenges

Yet, more than a third of young Gen Zers have also faced setbacks in the past year, the survey found, which may have led them to stop saving or take on more debt. Gen Z faces unique financial challenges compared to older generations.

Is Gen Z financially minded?

According to recent data from a 2023 Pew Research Centre survey, Gen Z is more financially independent at a younger age than prior generations. While still in school, a sizeable proportion of Gen Zers work part-time, freelance, or have side hustles. This independence has prompted them to seek more financial control.

Are Gen Z financially savvy?

And while there are plenty of pitfalls and missteps that could plague young people along the way, Gen Z is shaping up to be the most financially savvy generation yet.

How rare is side hustle?

Nearly half of Americans report working a gig outside of their full-time occupation, but it's not always out of necessity. The most common reason full-time workers started a side hustle was wanting a source of disposable income. 34% of side hustlers admit to using their extra income for disposable spending.

Are side hustles a waste of time?

Conclusion. Side hustles can be still fantastic if you enjoy them or if you're patient and have a long-term goal in mind. They may eventually evolve into good opportunities, but they require a significant amount of work, dedication, and often a marketing budget as well.

Are side hustles worth it?

Supplementing your income with an extra gig can provide the financial security you need to make sure those unexpected expenses won't leave you in the red. With careful planning and some foresight – think of it as investing in yourself - that side hustle could prove invaluable when times get tough.

What is the most broke generation?

For years, Millennials, now ages of 27 to 42, have lagged behind their Baby Boomer parents and Gen X counterparts in accumulating wealth. Most were raised in the economic idyll of the 1990s, one of the longest recorded economic expansions in US history.

Which generation is the richest?

The Visual Capitalist used the Federal Reserve's data from the final quarter of 2022 to provide a general breakdown of generational wealth. Here's what they found: Baby boomers: $78.1 trillion (50%) Generation X: $46 trillion (29.5%)

Why is Gen Z so hardworking?

Career ownership

This generation is willing to put in the extra hours if they'll be rewarded for it. They are competitive and want to be judged by their merit. This means they also value skill development and self-improvement, and they often prefer to work independently.

What generation is the most frugal?

A vast majority (89%) of Gen Z – or people born between 1997 and 2012 – said they have saved money on something in 2023, more than any other generation, according to a Harris Poll conducted in May.

Is Gen Z more frugal?

Over the past year, nearly three out of four (73%) Gen Zers say they've changed their spending habits due to increased prices. Their lifestyle changes have included cooking at home more frequently (43%) rather than dining out, spending less on clothes (40%) and limiting grocery purchases to the essentials (33%).

Is Gen Z the most independent?

Independence. Generation Z wants more independence than previous generations. Although Gen Zers prefer working alone, their independence is related to their competition. Instead of an open, shared workspace, many of them would want to have their own office space.