Beyond Money: Reasons Why Gen Z and Millennials Take on Side Hustles

Gen Z and millennials are increasingly taking on side hustles to alleviate their financial burdens. This aligns with the findings of Deloitte's 2023 Gen Z and Millennial Survey.

The report reveals that 46% of Gen Z respondents and 37% of millennial respondents hold part-time or side jobs in addition to their primary employment.

The primary reason cited for taking on additional work was the need for secondary income (38% of Gen Z and 45% of millennials).

The second most common reason was to improve skills and expand networks (25% of Gen Z and 23% of millennials).

This was followed by pursuing hobbies (24% of Gen Z and 24% of millennials), and diverting focus from their main job (23% of Gen Z and 24% of millennials).

Conversely, the research team also noted that social media exacerbates financial anxiety among Gen Z (51%) and millennials (43%), as it fuels a desire for unaffordable goods.

The survey involved over 22,000 Gen Z and millennial respondents from 44 countries. Field research was conducted between November and December 2022, with qualitative interviews carried out in March 2023.

Reasons Gen Z and Millennials Take on Side Hustles in 2023:

* Need for secondary income:
* Gen Z: 38%
* Millennials: 45%
* Improve skills and expand networks:
* Gen Z: 25%
* Millennials: 28%
* As a hobby:
* Gen Z: 24%
* Millennials: 23%
* Divert focus from main job:
* Gen Z: 23%
* Millennials: 24%