Side Hustles & the Cost of Living: A Multi-Generational Insight
A growing number of employees across the UK are turning to side hustles to offset the rising cost of living and reduce their financial stress. Why is this happening? What’s the impact? And is this a cause for concern for UK employers?
Our latest research, based on a survey of over 5,600 working adults, reveals the truth behind the rise of side hustle culture in the UK, uncovering the motivations behind different demographics and what individuals really think about the compensation they get from their employers. Our take? Side hustles aren’t only a sign of creativity and resilience. They’re a symptom of a rewards system that’s not meeting employee needs, and urgently needs attention.
Keep reading for a snapshot of the key insights, and be sure to download our full report which includes tips on how to provide multi-generational employee support in today’s side hustle culture.
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Our research uncovers that a significant portion of Gen Z and Millennial employees are either considering a side hustle or already have an additional income source, outside of their main employment.
The reason? Financial pressure. The younger generations, in particular, are feeling the weight of rising costs and wanting to make tangible changes to better support themselves.
Over 70% of Millennials cite financial pressure as the biggest reason to pursue a side hustle – moreso than any other generation.
EMPLOYEES ARE SIDE HUSTLING FOR SURVIVAL
FINANCIAL STRESS IS PREVALENT ACROSS ALL DEMOGRAPHICS
All generations are experiencing financial anxiety to varying degrees which is having a measurable impact on productivity.
Almost half of Gen Z and Millennial employees say that financial worries affect their focus. 19% of Gen Z say they worry about their finances constantly and 11% admit to missing work due to finance-related stress.
Gen X and Baby Boomers also report significant distraction levels as a result of financial concerns.
Shockingly, almost half (47%) of employees don’t feel fairly compensated, with this sentiment felt most strongly by Millennial and Gen Z workers.
Employees have spoken and we need to listen. Business’ reward packages aren’t meeting current needs and individuals are having to consider other income sources to support themselves, putting their work-life balance and productivity at risk.
Our insights highlight an urgent need for employers to enhance their compensation packages and financial wellbeing support to better motivate, support and reward individuals across all demographics.
