Working one job isn't always enough. Gen Zers and millennials are taking on side hustles and freelance work.
Gen Z and millennials have earned money from side hustles or other work outside their primary job, largely because they need to, rather than for fun.
A recent study revealed that 80% of Gen Zers have worked outside their primary jobs. According to Goldman Sachs Asset Management, this is a trend observed across generations. The reasons for taking on additional work range from financial need to securing a stable financial future. The survey conducted by Goldman Sachs Asset Management and Escalent found that more than 60% of respondents held down multiple roles, largely due to financial necessity.
While employment remains vital for retirement security, it is no longer sufficient for many Americans. Gen Zers were found to be the most likely group to earn money outside their main jobs, followed closely by millennials. Despite most of these workers reporting job stability, they still consider extra work as necessary.
The traditional full-time job may not provide comprehensive financial security anymore. Many are supplementing their income to cope with rising expenses and falling behind on savings goals. A significant percentage of Gen Z and millennials have delayed major financial goals, such as homeownership.
Some Americans, including a millennial who worked five full-time remote IT jobs, earning over $700,000 annually, are striving for financial stability through multiple income streams, a concept known as a portfolio career or stability stacking. This approach helps in mitigating the emotional and financial impact of job loss. For some, working multiple jobs has even led to a complete career pivot, allowing them to enjoy greater flexibility and freedom.
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