It's official: we're living in a side hustle era. According to a new report, 42% of Gen Zs and 39% of millennials now have a side hustle to make ends meet.
The report by Deloitte highlights the extent to which the cost of living crisis is squeezing the UK's youngest workers. Around half of Gen Zs (48%) and millennials (54%) said they live pay-day to pay-day and worry that their monthly salary won't be able to cover all their expenses.
Meanwhile, 26% of Gen Z and 38% of millennials said they place a particular premium on remote working because it helps them to save money.
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“For the first time in the history of Deloitte’s Gen Z and Millennial Survey, now in its eleventh year, cost of living has emerged as the top concern," said Deloitte's Will Gosling. "We can see that Gen Zs and millennials feel deeply concerned about the state of the world and their own futures and are actively trying to balance the challenges of their everyday lives with their desire to drive societal change."
The report also revealed the alarming number of Gen Z and millennial workers who feel burned out by their workload. In fact, nearly half of Gen Zs (48%) and more than half of millennials (57%) said they currently feel this way.
Though both age groups said their employers are putting more focus on workplace wellbeing, 53% of Gen Zs and 65% of millennials said this isn't having any meaningful impact on their work-life balance and overall happiness.
“Concerns around the cost of living and climate change are likely to continue to disrupt the lives and mental health of Gen Zs and millennials. Employers need to play a stronger role in supporting them by listening to their needs and taking action," said Gosling.
"Business leaders can mitigate the causes of stress and burnout by providing better mental health resources, setting boundaries to protect the work-life balance, creating stigma-free environments, and empowering their people to drive change.”