A recent survey found that 40% of Gen Z is counting on a “side hustle” outside their nine-to-five jobs to combat the cost-of-living crisis as a potential recession looms.
Whether it’s babysitting, driving for a ride-share company, or selling items online, young professionals are wearing multiple hats to make ends meet. According to Side Hustle Nation, the average side hustle brings in $1,122 a month, but the median income is much lower at just $200 a month.
According to Kantar, a data and analytics company, 40% of responding Gen Z workers are combining at least two roles due to living expenses.
A similar survey commissioned by Microsoft found that 48% of Gen Z respondents were working multiple side hustles to boost their monthly incomes.
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According to the research, the “side-hustle” trend spans generations, with 36% of Millennials, 30% of Gen-Xers, and 21% of Boomers holding at least two jobs.
Deloitte’s 2022 GenZ and Millennial survey found that a third of Gen Z respondents worry about the cost of living above all other concerns. Approximately 45% live paycheck-to-paycheck, and 26% of those participants doubt they will retire comfortably.
Side Hustle Nation, who surveyed 5,500 of their site’s visitors, reported 80% of workers were hoping to supplement their income while the other 20% worked to eventually quit their full-time gig.
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Data from the Bureau of Labor Statistics showed that the number of people working multiple full-time jobs has trended up in recent years, hitting an all-time high in August 2022.
Young people are looking at flexible, part-time jobs to beat present-day financial struggles as annual inflation remains at its highest in 40 years, according to the US Bureau of Labor Statistics.
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The overall price for most things has risen exponentially in recent months, with costs up 5% year-over-year in March, according to the latest Consumer Price Index (CPI), a measure of inflation.
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