Is having a side hustle is the new normal? According to new research, 70% of Gen Z now have some kind of second job. More than one in three – 34% – said their side hustle takes up 20 hours or more each week.
This is partly a result of the COVID-19 pandemic, when millions of Brits turned to side hustles to complement their day job.
The new research by Airtasker found there is no single dominant reason why young Brits are taking on a side hustle. One in five said that they use the extra money to cover debt and expenses – no great surprise when you consider that the average cost of student housing is 60% higher than a decade ago.
Meanwhile, nearly one in seven – 14% – said they use their side hustle income to save money for a house deposit. For anyone who isn't lucky enough to have help from the bank of mum and dad, having a second income could be the only way of getting on the property ladder.
A further 12% said their side hustle is a way of fulfilling an interest or hobby, while 9% said it's a way of learning new skills. This reflects the fact that the beauty of a side hustle lies in its flexibility and ability to give you something different from your "day job".
It can be anything from photography to copywriting, and doing deliveries to selling vintage clothes, and it can be as involved as you like. The key is preventing it from taking over your downtime to minimise your risk of burnout.
Meanwhile, another recent survey found that Gen Z have a fundamentally different attitude towards work and money from millennials. Whereas Gen Z are more likely to say that stopping full-time work constitutes financial freedom, millennials are more likely to measure financial freedom in terms of their disposable income.