By Mark McCrindleMonday 26 Jun 2023LifestyleReading Time: 2 minutes
With the cost of living on the rise, Gen Z is boldly embracing multiple income streams as a means to stay afloat financially.
Surpassing their older counterparts in their drive for financial stability, Gen Z is redefining wealth in Australia.
In a rapidly changing economic landscape, Gen Z is proactively seeking alternative income sources to navigate today’s financial challenges.
Research commissioned by Frontline Recruitment Group found more than four in five (83 per cent) Gen Zs agree they are likely to explore alternate income streams to combat rising prices.
Almost four in five Gen Y (79 per cent) acknowledge the importance of diversifying their income.
Their older counterparts – Gen X (66 per cent) and Baby Boomers (54 per cent) – are less likely to embrace the paradigm shift.
Rising prices is the motivator
What drives Gen Z’s motivation to seek multiple income is their heightened concern about rising prices.
Among Australians, 83 per cent of Gen Z express they’re extremely or very concerned about the rising cost of living compared with their older counterparts (79 per cent).
More than seven in ten (73 per cent), Gen Z are extremely concerned about rising interest rates.
A generation who not only recognises the current financial hurdles, Gen Z are also positioned to seek solutions to overcome them.
Generation Z infographic
From explaining the defining traits of each generation to shining a light on the emerging Gen Zs and Gen Alphas, this infographic provides a fascinating overview of the generations.
Gen Z’s future of work
What sets Gen Z apart is their bold entrepreneurial spirit.
More than three in four Gen Z (77 per cent) express a strong preference for entrepreneurship.
They envision a future where owning a small business or being an intrareprenuer – someone who combines traditional employment with running a side business – is their ideal work situation.
This stands in contrast to the sentiment of broader Australians, with only 56 per cent sharing this preference.
Gen Z’s inclination towards entrepreneurship reflects their determination to create their own opportunities to maximise their earning potential.
Faced with the current challenges of the rising cost of living, this dynamic generation is embracing multiple income streams as a means of financial resilience.
As concern for rising prices remains forefront, Gen Z is simultaneously redefining the future of work by nurturing their entrepreneurial spirit.
This article is based on two quantitative surveys:
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- 2,500 Australian and New Zealand workers, and 281 Frontline Recruitment Group Members, commissioned by Frontline Recruitment Group (in-field, in January 2023).
- Nationally representative survey (by gender, age and state/territory) of 1,001 Australian, which was in-field in January 2023.
Article supplied with thanks to McCrindle.
About the Author: Mark McCrindle and his team are researchers and communications specialists who discover insights, and tell the story of Australians – what we do, and who we are.
Feature image: Photo by Annie Spratt on Unsplash