Gen Z earns six figures as digital side hustlers, new study finds  (2024)

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Gen Z earns six figures as digital side hustlers, new study finds ? ›

This makes sense when you consider 61% of Gen Z don't believe their pay has kept pace with the cost of living. So, just how much money are digital side hustlers making? More than one-in-10 (13%) respondents who identify as a digital side hustler say their digital side hustle has enabled them to earn six figures.

Side hustles are especially popular with younger adults. Nearly half (48 percent) of Gen Zers have a side hustle, the highest percentage of any generation: Gen Zers (ages 18-27): 48 percent. Millennials (ages 28-43): 44 percent.

So far, Gen Z workers are more likely to go to college, have jobs and make more money than millennials did. But they are also paying 31 percent more for housing than their counterparts were a decade ago, after adjusting for inflation.

Gen Z continue to struggle with building savings and contributing to their retirement. Over half (57%) of respondents do not have enough emergency savings to cover three months of expenses. Nearly one-third (30%) feel they don't make enough money to save.

Millennials were somewhat better off than Gen X—those born between 1965 and 1980—when they were the same age. Zoomers, however, are much better off than millennials were at the same age. The typical 25-year-old Gen Z-er has an annual household income of over $40,000, more than 50% above baby-boomers at the same age.

American Gen Zers, the oldest now entering their late 20s, have already accumulated substantial wealth through inheritance, investments, and entrepreneurship. Cerulli Associates estimates a seismic USD 84 trillion will transfer from baby boomer wealth in the USA to heirs, with Gen Z front and center.

Glassdoor found that software engineer was the most in-demand job for Gen Z job seekers accounting for 19% of total job applications made by Gen Z users across a 3.5 month period. There seems to be a general gravitation towards tech jobs with particular interest in companies such as Google, Amazon and Microsoft.

There may be another factor creating so much wealth among millennials: inheritances. In what's known as “the great wealth transfer,” baby boomers are expected to pass down between $70 trillion and $90 trillion in wealth over the next 20 years. Much of that is expected to go to their millennial children.

The world's 8 richest young billionaires of 2024 – net worths, ranked: from Gen Z Ray-Ban heirs Clemente and Luca Del Vecchio to Red Bull's Mark Mateschitz and Met Gala regular Gustav Magnar Witzøe.

While the general population sees investing in property as the best way to build wealth, Gen Z believes starting their own business is the key. Among Gen Z, 34% think starting a business is the best path, whereas 39% of the general population prefers investing in property.

Who does Gen Z trust the most? ›

TikTok, Snapchat and Spotify top a list of brands Gen Z consumers trust most compared to all U.S. adults, according to a new report from decision intelligence company Morning Consult.

Among Gen Zers living in the 100 largest metropolitan areas, the median percentage with nonmortgage debt is just over 97 percent, the analysis found. And the median nonmortgage debt of those Gen Zers hovers at around $16,560.

Gen Z spend most of their money on household bills and expenses, with 52.3% saying they spent the most money on these costs. 17.2% of Gen Z don't think they'll ever have enough money to buy their own home. The estimated average amount Gen Z spends on socializing is $166.75 per month, totaling $2,000 a year.

After the test scores are calculated for every participant, an average of these scores is calculated for the 2 focus groups, shown in Table IV. From Table IV we can see that the average score of the millennial groups is 99.24 and the average score of the gen-z group is 101.03, the difference being 1.79 points.

The members of Generation Z, the oldest of which are now in their 20s, on average are expected to live to 100 and beyond. Health technology may or may not eventually lift Gen Zers well past that. They could be the generation that collectively hits the biological ceiling.

Wealthiest Generation: Baby Boomers

According to the Federal Reserve data, baby boomers – people born between the 1946 and 1964– win the top spot for the wealthiest generation in the U.S. In aggregate, their total net worth is $78.55 trillion.

More than one in three U.S. adults earns money through a side hustle, according to a new Bankrate survey. The share of people with side hustles has dropped slightly over the past year, with 36 percent of adults reporting a side hustle compared to 39 percent in 2023.

Generation Z (Gen Z) makes up 25% of the global population and, by 2030, will constitute about 30% of the U.S. workforce. While Gen Z represents a smaller percentage of working adults than other generations, meeting their needs is an important consideration for employers.

Gen Z Entrepreneurship Data

Twenty percent are employed full-time with a side hustle or side business, and just 8% are entirely self-employed. A majority also said they'd consider themselves entrepreneurs but only feel somewhat confident in their entrepreneurial journey.

Gen Z is redefining what we know today about the workplace as this generation has been rejecting hustle culture. Modern workplace dynamics have changed globally since the COVID-19 pandemic.