Working one job isn't always enough. Gen Zers and millennials are taking on side hustles and freelance work.
A Goldman Sachs study reveals that 80% of Gen Z and a majority of millennials are working side hustles to supplement their primary income. The report highlights that traditional full-time employment is increasingly failing to cover basic living expenses and long-term financial goals.
Why it matters
This trend signals a structural shift in the labor market where 'gig' work is becoming a permanent necessity for financial stability rather than a temporary choice.
A new study finds 80% of Gen Zers have worked outside their main jobs. LeoPatrizi/Getty Images Goldman Sachs Asset Management found 80% of Gen Zers have worked outside their primary jobs. People across generations said this was because they needed the money or for financial security. Not feeling secure can affect financial goals, like homeownership. Having a job doesn't always mean you have enough to cover daily living or savings goals. A July survey of Americans by Goldman Sachs Asset Management and the behavioral economics firm Escalent found over 60% of respondents have worked outside their primary roles, largely because they needed to. Twenty-seven percent of respondents said work covers their expenses, but it's tough to get ahead. "Employment remains essential for retirement security, but for many Americans, it is no longer sufficient," a Goldman Sachs Asset Management retirement report said.
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