55% of Gen Zers and Millennials Have a Side Hustle

Are side hustles the secret weapon for Gen Z’s financial security?

In an era marked by economic uncertainty, this generation is rewriting the rules of work and redefining success. Unlike their predecessors, many Gen Zers aren’t content with the traditional nine-to-five grind. Instead, they’re diving into side gigs—embracing everything from e-commerce to content creation—as a way to navigate the ever-shifting economic landscape. But what’s driving this trend? Is it just about the extra cash, or is there something deeper at play?

Discover how Gen Z is balancing passion, pragmatism, and a desire for financial independence in a world that’s anything but predictable. Read on to uncover the motivations behind this growing phenomenon and what it means for the future of work.

The Economic Reality for Gen Z

The youngest generation in the workforce, Gen Z, is redefining traditional job expectations. For many in this demographic, having a side hustle is not just a necessity but a badge of honor.

With 40% of Gen Z engaged in both a full-time job and a side hustle, according to a survey by EY, this trend marks a significant shift in how young professionals approach their careers and financial planning.

Gen Z, born roughly between the mid-1990s and early 2010s, has grown up in a tumultuous economic landscape. Witnessing the impact of the 2008 financial crisis on their parents and observing millennials struggle with job market entry during the Great Recession, they’ve developed a keen awareness of financial instability. The COVID-19 pandemic only reinforced this, as they saw firsthand how quickly jobs could disappear.

This economic backdrop has driven many Gen Zers to seek multiple income streams. A staggering 73% of Gen Z, according to another EY survey, report having a side hustle primarily to make more money. This pursuit is often seen as a pragmatic approach to financial security, rather than a mere passion project.

Redefining Work and Identity

Unlike previous generations, who often tied their identities closely to their careers, Gen Z is more likely to view work as just one aspect of their lives. This shift is evident in their attitudes toward side hustles. For them, these additional jobs are not just a means to make ends meet but also a way to explore diverse interests without being overly committed to a single career path. The notion that “personal sacrifice equals professional value” is outdated in their eyes. Instead, they seek a balanced approach that values their time and well-being.

The Digital Advantage

Gen Z’s digital fluency has opened up numerous opportunities for side hustles that were not as accessible to previous generations. The internet offers platforms for e-commerce, freelance work, content creation, and more, allowing them to monetize their skills and hobbies. As Marcie Merriman from EY points out, “Their digital upbringing really opened those doors past generations didn’t have.”

This digital savviness has also contributed to the normalization of side hustles. It’s no longer seen as a sign of financial desperation but rather as a smart, independent decision. The stigma once associated with moonlighting is fading, replaced by a sense of empowerment and financial autonomy.

Employers and the Future of Work

As Gen Z continues to enter the workforce, employers must adapt to their changing expectations. Traditional views that equate long hours with dedication are losing relevance. EY’s research suggests that while Gen Z may not give 100% of their time to their main job, they are fully capable of giving 100% effort. Employers who recognize and respect this balance can benefit from a motivated and versatile workforce.

Moreover, as economic conditions remain uncertain, the trend toward side hustles is likely to grow. According to a LendingTree survey, 55% of Gen Z and millennials have a side hustle, and 80% say they rely on the extra income due to the current economy. This financial strategy allows them to navigate inflation, rising living costs, and job market instability more effectively.

The Future of Side Hustles

For many young Americans, side hustles are not just a temporary fix but a long-term strategy. Nearly half of Gen Z and millennials with side hustles plan to maintain them indefinitely. This trend suggests a significant shift in the professional landscape, where multiple income streams may become the norm rather than the exception.

As the workplace continues to evolve, so too will the ways in which individuals seek financial security and fulfillment. For Gen Z, the side hustle is more than just extra income—it’s a symbol of independence, resilience, and a forward-thinking approach to the uncertainties of modern life.

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