Hustle, hustle, hustle...

You may have seen trends of it on TikTok, or you may have experienced it in your own life, but it shouldn’t come as a surprise that Gen Z’s behaviors in the workforce are an increasingly hot topic. As we are aging into adulthood, graduating school and beginning our careers, we’ve already earned a bit of a reputation—as almost every article relating to Gen Z in the workplace is tied to terms like “disruption of norms,” “work-life flexibility,” “career jumping,” and “side hustles” (I’ll choose to leave out the more negative connotations—for now). We have a distinct way of pushing aside traditions that feel outdated and (somewhat forcefully) replacing them with our own way of thinking—and this week, we’re going to dive into how side hustles have become a crucial piece of that puzzle.

1. Who says we don't hustle?

The term “side hustle” has been around for decades—and the practice of supplementing your primary income with a project of one’s own design has been around much, much longer—but it’s become much more common in recent years, especially as the pandemic has spurred workers of all ages to protect their financial stability. For Gen Z, side hustles represent a way to step back from the idea of “working to survive”?and present a means to work for themselves, create a bit of autonomy, and explore their strengths outside of a strictly corporate context.?

And participation in side hustles has taken off: a 2024 LendingTree survey of Gen Z and Millennial adults revealed that 55% of Gen Zers and Millennials have a side hustle, averaging $1,253 a month in supplemental income. Another MarketWatch survey showed that some 71% of Gen Zers have taken on an opportunity for extra income in the past 12 months—compared to 32% of Baby Boomers and 48% of Gen Xers. We do love taking age-old ideas and claiming them as our own inventions, but if more than half of our generation has taken up the cause, we may also be leading the charge towards an entirely new landscape of work.

2. So, what actually is a side hustle??

I mean, pick your poison. The wonderful aspect of taking on side hustles is that you can find a way to support yourself in essentially every discipline, can derive from most passion projects, and can appear out of things you didn’t think could actually make money. Take, for example, this 24-year old who unintentionally started a side-hustle after his LinkedIn post about using credit card reward points for travel gained traction—and attention from folks who want to learn from him. Now, he makes enough money from consulting and trip-planning that he and his wife don’t have to live paycheck to paycheck. But that’s just one example, of course. A quick Google search will reveal a number of common side hustle ideas, and here’s another list to get started.?

In my own experience, side hustles have been immensely helpful in creating some additional security in my financial life, and offered an outlet for creativity that I wouldn’t otherwise get to express. I’ve worked contract and freelance jobs while being employed full-time for nearly two years—an endeavor that’s been a challenge to balance but has also been an invaluable asset in helping this particular early-career young adult actually figure out what I’m good at, and what I’m passionate about (and in the process annoying my Boomer boss at times—sorry, Ken). With a degree in English, finding work that resonates with me on a personal and professional level can feel like throwing a dart in the dark, and take a somewhat alarming amount of trial and error, so side hustles have given me a way to make a lot of those ideas make sense.?

And that’s not to mention the extra income. In the same LendingTree survey from this year, when Gen Z respondents were asked why they chose to take on a side hustle, 40% said inflation, while 38% cited economic fallout from the pandemic. In many cases, financial precarity is what drives the need to side hustle, as the extra income can be crucial to make ends meet for many Americans. And that’s especially true for young professionals—most of whom are in entry level or low-paying jobs, just at the very start of their careers.

3. Why are you telling me all this??

As more folks take on side hustles—and particularly young folks, who will increasingly dominate the workforce in the coming years—the expectations of work will continue to change. And indeed, changes in the landscape of work have been well underway before much of Gen Z had even graduated high school. One of those ways is the gig economy: a labor market characterized by the prevalence of short-term, flexible jobs or freelance work instead of traditional full-time employment. Think: Uber, Airbnb, freelance. Over the past decade, the number of independent workers has exploded, and in fact more than tripled between 2017 and 2021.?

So as traditional 9-5 jobs increasingly aren’t cutting it for many folks—whether on a financial basis, creative basis, or somewhere inbetween—careers can and will be put together differently in the future. And as young professionals take stock of their options, that future is increasingly becoming solidified—especially as companies begin to respond to such needs in their employees. The notion that a happy and passionate employee makes for a good employee is an idea that some companies have recognized, and begun to actually encourage in turn. It’s certainly not a trend among larger companies & employers quite yet, but it speaks to the budding idea that retention and productivity will inevitably grow out of companies’ willingness to realign their values toward the changing needs of their employees.?

And finally, a word of caution: if you’re reading this, you’re likely in the camp of young adults early enough in your career that retirement feels immensely distant, but it’s important to acknowledge the implications of gig work and side hustling that will certainly play a role down the line. Historically, American companies have offered some of the most important pieces of planning for your future—such as retirement plans and access to healthcare. Yet in deviating from the traditional full-time career structure, and/or making gig work your primary source of income, you risk losing access to these assets in a time in your life where they are beginning to play an important part in your future financial security and wellbeing. So as you decide whether or not to take on these ventures, it’s important to consider how it is going to inform your career, impact your retirement security, your access to healthcare—and moreover set you up for financial wellness beyond your 20s. More on this soon.

The long and short of it:

1. Side hustles are not a new idea, but is one that Gen Z has adopted as their own, with more than 55% of Gen Zers and Millennials participating in a side hustle.?
2. Side hustles can be created out of anything you enjoy doing—as long as you have a model to create income from that idea.?
3. The landscape of work is changing, and side hustles are poised to become a piece of that new outlook on work. Be conscious of how it impacts your future financial security, retirement options, and access to healthcare—even if it seems unfathomably far away.