Amid widespread layoffs and economic uncertainty, Generation Z workers are using side hustles to take advantage of upskilling opportunities and future-proof their careers, according to an Oct. 17 report from Quicken.
About 18% of U.S. workers with a side hustle said they’re building skills for future careers, which climbs to 44% among Gen Z side hustlers.
“In today’s evolving economy, more Americans are embracing side hustles, not just as a source of supplemental income but as a way to build new skills,” Eric Dunn, CEO of Quicken, said in a statement. “Whether they’re looking to advance in their careers or eventually work for themselves, these entrepreneurial efforts are creating a path toward greater financial independence and personal fulfillment.”
In a survey of 1,008 U.S. adults who have more than one source of income from different jobs, 72% said they enjoy working for themselves more than being linked to a corporation. And 73% of those who prefer self-employment said they enjoy managing multiple jobs more than pouring their effort into one position.
Although 40% said they dream of quitting their full-time job to focus on their side hustle, many are keeping it secret for now. Only half of those with multiple sources of income said they’ve told their full-time employer about their side hustle.
Side hustlers identified benefits to their nontraditional path, such as feeling more financially secure (72%), experiencing reduced financial stress (67%) and no longer having to live paycheck to paycheck (68%).
In recent years, U.S. workers have turned to side hustles to combat inflation and a potential recession, according to a survey by the American Staffing Association. Gen Z respondents were most likely to say they were considering a second job or side hustle to shore up their finances.
Gen Z has faced a number of struggles in the workplace. When it comes to hiring, nearly a third of hiring managers filling entry-level positions said they avoid hiring Gen Z in favor of older workers, and 30% said they’ve had to fire a Gen Z worker within a month of their start date, according to a Resume Builder survey.
The COVID-19 pandemic and remote roles have affected the generation’s ability to acquire foundational workplace skills related to communication and constructive criticism, Resume Builder’s chief career advisor said.
One report found that Gen Z employees appear to be more likely to consult their employer’s code of conduct, but they’re also more likely to agree that bending the rules is acceptable to “get the job done,” according to LRN Corp. Generational gaps could lead to unique ethics and compliance challenges, the firm said.