By: McCrindle
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 that more than four in five (83%) Gen Z’s agree they are likely to explore alternate income streams to combat rising prices. Almost four in five Gen Y (79%) acknowledge the importance of diversifying their income while their older counterparts, Gen X (66%) and Baby Boomers (54%) are less likely to embrace the paradigm shift. It underscores that Gen Z’s concern for mounting expenses is driving their savviness in exploring alternate income opportunities.
Rising Prices is the Motivator
What drives Gen Z’s motivation to seek multiple income is their heightened concern about rising prices. Amongst Australians, 83% of Gen Z express they’re extremely or very concerned about the rising cost of living compared to their older counterparts (79%). More than seven in ten (73%) Gen Z are extremely concerned about rising interest rates (cf. 57% Australians) positioning them as a generation who not only recognise the current financial hurdles, but who seek solutions to overcome them.
Gen Z’s Future of Work
What sets Gen Z apart is their bold entrepreneurial spirit. More than three in four Gen Z (77%) 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% 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:
- 2,500 Australian and New Zealand workers, and 281 Frontline Recruitment Group Members, commissioned by Frontline Recruitment Group which was 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.
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.
Article supplied with thanks to McCrindle.
About the Author: McCrindle are a team of 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