Recent studies show a surge in Gen Z and millennials embracing side hustles, with 53% and 50% respectively taking on extracurricular work. This upward trend, particularly pronounced between 2022 and 2023, saw a 19% uptick among Gen Z and a 12% increase within the millennial demographic. Remarkably, about 22% of Gen Z and 25% of millennials aim to make these side gigs their main income provider.
This rise in side hustles may be due to economic uncertainties, coupled with the opportunities presented by the gig economy. More and more young adults seem to be venturing out of conventional workspaces towards more innovative, flexible income sources.
About 46% of Gen Z and 48% of millennials also expressed that their side hustles represented a means to follow a cherished passion or hobby. This suggests an increase in work not just for compensation, but also for personal fulfilment. Technology undoubtedly plays a pivotal role in supporting this shift by creating an accessible marketplace for these side businesses.
However, the side hustle culture is not without its challenges, such as potential burnout, stress, unstable income and time management constraints.
Surge in youth embracing side hustles
Despite these hurdles, the rising popularity of side hustles signifies a creative and resilient approach towards financial stability and job satisfaction.
Sr. VP & GM of an e-commerce platform, Ashley Hubka, shed light on this shift; she sees young generations supplementing their incomes while laying the foundations for their businesses. She observes that they balance their regular paycheck with the growth of their business ventures, providing job security whilst fulfilling personal aspirations and exploring creative territories.
Hubka also pointed out that side hustles, initially meant to augment daily expenses, later evolve into full-fledged business models in numerous cases. This demonstrates their tenacity and evolving perception of a successful career, as shaping beneath financial pressures like high living costs, student loan debts, and a volatile job market.
From this perspective, the career landscape seems to be shifting towards more personality-driven roles, marked by inventiveness and innovation. The rise of side hustles underscores this shift and pronounces the importance of fostering entrepreneurial mindsets in the younger generation.
However, there’s an undeniable necessity for stable income sources. While the business spirit thrives, it is counterbalanced by an assertive need for financial security. Thus, providing young entrepreneurs with adequate resources and guidance can shape the future significantly.
In conclusion, though the trend of side hustles signifies financial uncertainties, it also testifies to the resilience, adaptability, and entrepreneurial spirit of the youth. This trend reshapes our perception of the challenges and opportunities ahead for this digitally native, entrepreneurial generation.
