“Side business craze” is happening among people of Generations Z and Y (Millennials), he writes CBNC Citing Deloitte Research. Most overtime is born out of necessity. Generation Y between 1980 and 1994 and Generation Z born between 1995 and 2009 are increasingly struggling with the problems of making a living.
According to the survey, which processed responses from nearly 15,000 Zs and more than 8,000 Ys from 44 countries, 46 percent of Zs and 37 percent of Ys have taken another full- or part-time job in addition to their full-time work. This is higher for both generations compared to the previous year (Z: +3 percent, Y: +4 percent).
“The majority of millennials take on side jobs to cover the ever-increasing cost of living,” said Michelle Parmeli, a Deloitte executive.
Among the second most popular jobs are online sales, food delivery, or social media content production and influencers.
Although the main driving force behind side jobs is to make money, many people have decided to use their hobby as a job to get extra income, thus getting away from the hardship of their full-time job. In addition to earning money, they also develop other skills Expand their relational capital for potential jobs
35% of Gen Z and 28% of Millennials cited arming themselves with new skills and more capital as their main motivation for taking a second job, while one in four respondents from both generations said they consider working overtime a hobby, which helps them relax. However, the opportunity to make money far exceeds these aspects: 38% of Zs, while 46% of Ys cited financial motivation as the first.
Most people live from month to month
The survey shows that both generations struggle with the difficulties of the ever-rising cost of living. A perfect example of all this is that half of the respondents reported living paycheck to paycheck – a percentage that is 5 percent higher than last year’s research findings. All this is mostly related to rising inflation: in April, the general increase in consumer prices in the United States was 4.9 percent, while in Great Britain it was 10.1 percent compared to the same period a year earlier.
The motivation to get a second job is not just to cover daily expenses. Many people said they wanted to use the extra money to build their own property, while others wanted the extra money to start a family.
These generations live in financial insecurity. Economic worries hinder them from planning for the future, and many of them postpone decisions that have a major impact on their lives.
Michelle Parmeli noted.
It’s somewhat positive that both Z and Y see some light at the end of the tunnel. 44 percent of the former and 35 percent of those are optimistic about an improvement in their financial situation.
(Cover photo: Jakub Porzycki/NurPhoto/Getty Images)
This was answered by Barnabas Viraj, Vice President of MNB and Tibor Toth, State Secretary of the Ministry of Finance, as well as many high-level financial experts at the Napi.Gazdaság conference. Learn more about the conference!
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