A new study finds that 45 percent of Generation Zers—those born between 1996 and 2010—now have a side hustle. The study, conducted by Visa, found that more than a third (37 percent) of them have more than one way to earn extra money.
According to Visa, e-commerce (34%), social media influencer (25%), and passion-based projects (19%) are the top three types of side businesses run by Gen Zers.
Seven in 10 (69%) of Gen Z side hustlers started a business with the primary goal of earning extra money, with the average income from a side hustle being £218.60 per month. However, the research also found that more than a quarter (27%) started a business to pursue a passion, and a similar number (26%) started a business to further develop their skills.
The majority (61%) of those surveyed reported that they had increased their side hustle income by at least 10% over the past 12 months, with an average annual growth rate of 22%. The survey also found that those who were more passionate about their side hustle earned significantly more, while side hustles that had been in operation for more than two years generated higher incomes.
Grace Kennington, 22, turned her pandemic hobby into a successful side hustle, upping her design, marketing and social media skills to sell her art online. “I wear so many side hustles,” she says. “I’ve become an expert in everything from packaging to inventory management to design. It’s made me so much more adaptable! The biggest piece of advice I can give to aspiring side hustlers is to just jump in, even if you don’t have the training. Also, reach out to people who are doing similar work and build your network.”
For Gen Zers, friends play a significant role in starting a side hustle. A third (33%) claim that their friends inspired them to start a side hustle, 39% say their friends helped them make their side hustle a success, and a fifth (21%) say they were inspired by celebrities or influencers.
Sustainability and legacy building underpin Gen Z’s long-term outlook, with one-third (35%) aspiring to eventually quit their day job to pursue a side hustle, and two-fifths (39%) want their side hustle to continue in their family for multiple generations.
“Generation Z is already playing a transformational role in our economy, driving innovation and new ways of working. Our research shows very positive signs that they will continue to transform the way businesses and organizations operate in the future,” said Mandy Lamb, Managing Director, UK and Ireland, Visa..
The study, which found that Gen Z side hustlers saw a 22% increase in their income, was first published in Euronewsweek.
