I was thrilled to spend time chatting with hosts Zach Dora and Tyler Simpson on their “Bridging the Gap” podcast, which is a Gen Z show. That’s the generation now about 14 to 29 years old, just starting their working lives and trying to figure out which way of working is the best way for them.
I mentioned a bunch of research on this podcast. Here are links to the original source material:
67% percent of Gen Z cite having multiple ways of earning money as essential for achieving financial security. Source: Fiverr
Gen Z makes up 28% of the independent workforce. Source: MBO Partners
“70% of Gen Z freelancers say they freelance to have flexibility in their schedule; 64% to work in an environment not restricted by the limitations of age, race, or gender expectations; 64% to work from the location of their choosing; 62% to be able to pursue work they are passionate about or find meaningful; and 61% to take more control over their personal development and career path.” Source: Upwork
“Nearly 25% of Gen Z respondents now believe that freelancing is more stable than a traditional full-time job.” Source: Fiverr
“Almost one-fifth (18%) of Gen Z responders think being a freelancer makes them less likely to be replaced by AI, thus immune to AI displacement.” Souce: Fiverr
But Wait, There’s More…
After we recorded this podcast, I became aware of new research that also includes Gen Z.
As reported in Business Insider, a July survey of Americans by Goldman Sachs Asset Management and the behavioral economics firm Escalent found that “Gen Zers were most likely to say they earn or have earned money outside their primary job; millennials followed closely behind. The report said that’s despite most Gen Z and millennial workers reporting their jobs provide financial stability.”
According to the report, though, that financial stability isn’t quite cutting it when it comes to achieving major financial goals:
“Eighty-three percent of Gen Z and 78% of millennials said they put major financial goals on hold. Forty-one percent of millennials have delayed emergency savings despite being employed, and 30% said they delayed housing or homebuying goals. For Gen Zers, the shares were 35% and 34%, respectively.”
Yet again, the takeaway message is that the last thing lawmakers should be doing is limiting anyone’s options to try and achieve the American dream. Being able to earn income as an independent contractor, whether full-on or as a side hustle, has always been an option that people can choose in our country.
And it always should be.