Gen Zers and millennials working several jobs to make ends meet are finding that gig work isn't cutting it anymore

[Celerity]

https://fortune.com/2023/10/17/gen-z-millennials-gig-work-spending-financial-stress/



Any young adult is well acquainted with the dreaded question from an intrusive aunt or grandparent: What do you do for a living? These days, the answer to said question often resembles a list like the butcher, the baker, and the candlestick maker—although the 21st-century version might have a dog walker who also serves as a nanny and drives for Uber—a brand that’s after all become a gig-economy shorthand.

Study after study this year has found that more Gen Zers and millennials, faced with high economic uncertainty and financial anxiety, have been picking up extra gigs in order to make ends meet. A new analysis from Bank of America adds weight to the narrative, but finds that these side hustles aren’t really cutting it.

Gig work overall has accelerated since the pandemic began, BofA finds, especially among younger workers. Millennials are side hustling the most, with 4.3% receiving income from gig work as of August. Gen Zers followed suit at 3.6%. While these might seem like low percentages, it’s more than double what it was six years ago for both generations (granted, most of Gen Z had yet to enter the workforce at that time). But despite the slight uptick in gig work, BofA data shows their credit and debit spending growth is still slower than that of baby boomers. In other words, young adults are working extra but spending less—indicating they still have little discretionary income left after paying the necessities.

“When we started the year, Gen Z and baby boomers were spending at a similar pace. But as the year goes on, you’ll start to see this divergence,” Anna Zhou, economist at Bank of America Institute and the report’s author, tells Fortune. “The younger generation is actually pulling back in terms of spending versus a year ago, but for baby boomers, they’re still spending at a level that’s higher than a year ago.”

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[3Hotdogs]

1. I worry for my grandkids. Two of them will be alright.

The other five ------

[Tree Lady]

4. I know what you mean

I have two in their mid 20's, one lives and rents from my ex and the other my daughter bought a mobile home for her and she pays rent but it doesn't cover all the expenses. It's a rare place where you buy the land. Rent is so expensive where she lives in bay area she bought to have tax write off.

I am happy they both had help, my other 2 grandkids are in high school and my younger daughter has saved since they were born for them to go to college.

[enid602]

2. Loans

How much of this is due to student loans?

[Silent Type]

3. I'm sure it has something to do with it, but a lot of gig workers probably didn't pile

up a lot of student debt. At least not the gig worker in the photo, although I’ve known teachers that delivered pizzas for some extra cash.

[Fiendish Thingy]

5. More and more young folks are discovering the power of being in a union. Nt

[progree]

6. Archive copy

https://archive.ph/Qy9ks