Gen-Zers Leverage Job-Hopping and Side Hustles for Financial Gain
A new report from H&R Block reveals that nearly one-third of Gen-Z workers changed jobs last year, with 35% of them motivated by the desire for a pay increase. This strategy has proven successful, as Gen-Zers saw the largest relative increase in earnings among all generations, making 30% more in 2023 than in 2022. Two-thirds expect their earnings to rise further in 2024.
The report, which analyzed tax return data from 1999 and surveyed over 7,800 individuals, also found that Gen-Zers are exploring alternative income streams and investments:
- Side Hustles: Many Gen-Zers supplement their income through side jobs, with 24% working for food or delivery apps, and others engaging in activities like answering surveys, testing products, or selling items online.
- Investments: They are also investing in cryptocurrency and gold to grow their savings.
"Gen-Z is more innovative and financially savvy than older Americans expect," the report states. Latasha Randle, strategy and small-business program manager at H&R Block, noted that Gen-Zers are moving away from traditional 9-to-5 jobs, seeking work that aligns with their values and interests.
While most Gen-Zers prefer working for large companies, among those who aspire to be their own boss:
- 59% want to open a small business
- 22% want to become an influencer
- 14% want to work as an artist
Remote work and online platforms have facilitated this shift, enabling Gen-Zers to pursue side hustles and passion projects more easily than ever before.
Key Takeaway: Gen-Zers are proactively managing their careers and finances, leveraging job changes and alternative income streams to enhance their financial security.