Gen Z Is Working More Than One Job To Feel Less Financial Anxiety, Study Finds
Written by
Yaël Bizouati-Kennedy
Edited by
Nicholas Morine
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Gen Z, arguably the first generation of full digital natives, is facing a slew of specific challenges making them feel financially anxious.
Indeed, an EY study found that more than a third of Gen Z adults polled (39%) said they are “very or extremely stressed or worried about making the wrong choices with their money.” And the numbers speak for themselves: 69% “rate their current financial situation as only ‘fair’ or worse, with 32% rating their current finances as poor or very poor.”
In turn, the study found that Gen Z “normalizes working multiple jobs to hedge their bets against the future by preparing well now.”
This translated into 56% of them saying they “earned money from freelance or ‘side hustle’ work,” while 39% of Gen Z earned money “working both a job and a side hustle.”
Gen Z Feels Differently About Work Due to Necessity
As a result, there is a shift in “the way they view work, how they approach savings and when and how they choose to spend their money.” This is driven by a “pragmatic need to get ahead by whatever means necessary,” according to the study.
“Right now, Gen Z is particularly important as the newest generation of consumers, employees and citizens that will dramatically impact businesses today and into the future,” Marcie Merriman, EY Americas cultural insights and customer strategy leader, stated in a press release accompanying the study.
“As the generation moves into our prime workforce and consumer markets, several shifts are happening simultaneously. The oldest Gen Z are aging out of their parents’ health care plans this year, and they are feeling the impact of financial independence amid economic uncertainty. These factors are shaping their views of work and life and what success looks like.”
That cohort’s financial challenges are numerous. A separate study from Bank of America found that 85% of Gen Zers cite one or more barriers to achieving financial success.
Higher cost of living tops the list, cited by 53% of Gen Zers, the study found.
What’s more, a whopping 37% say they’ve experienced “a financial setback — such as decreased savings or additional debt — causing 27% to borrow money from friends or family,” per the BofA study.
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