Gen Z: Overcoming The Saving Struggle With New Age Side Hustles
In an era marked by unprecedented opportunities and challenges, Generation Z (Gen Z), the demographic cohort born between the mid-1990s and early 2010s, faces unique financial hurdles.
Among these challenges, saving money has emerged as a significant concern, according to research by the Bank of America.
A staggering 73% of Gen Z individuals find themselves grappling with the complexities of saving and investing money effectively.
Inflation and rising living costs are not sitting well with Generation Z, making it harder to realize their financial goals or pay down debt.
As a result, they are looking for ventures that are not associated with 5-to-9 jobs to boost their income.
The resilient spirit of this generation has led to the rise of innovative solutions – new-age side hustles that promise to reshape their financial landscape.
1. Investing in new-age technologies
Gen Z came of age during the 2008 financial crisis and witnessed the shortcomings of traditional financial systems. This has led to a general sense of distrust in banks and traditional financial institutions, making cryptocurrency’s decentralized nature and potential for financial sovereignty particularly appealing.
The internet has given Gen Z unprecedented access to information. They can easily educate themselves about cryptocurrencies, blockchain technology, and their potential benefits. Online forums, social media, and educational resources allow them to stay informed and make informed decisions.
Cryptocurrencies provide an alternative investment opportunity and a potential hedge against traditional financial systems.
As such, Gen Z remained the leading category to embrace cryptocurrency when the rest of the world was skeptical about its underdeveloped nature.
They profited from cryptocurrencies’ rise over the past years and the fluctuations in the Ethereum price and its counterparts, adding the top-performing assets to their investment portfolios and adopting different strategies.
Gen Z has been among the main proponents of cryptocurrencies, advocating for their widespread adoption and regulation, opening accounts on cryptocurrency exchanges, and keeping up-to-date with the news regardless of how trends go.
2. Exploiting the popular marketplaces to sell online
One notable aspect of Gen Z’s side hustles is the emphasis on passion-driven work.
With an intrinsic understanding that their hobbies and interests can be monetized, many are turning to platforms like Etsy, Depop, TikTok, Patreon, Substack, and YouTube to share their creativity and expertise.
From selling handmade crafts to offering online courses, Gen Z is transforming their passions into profit streams, effectively bypassing traditional employment models.
3. Content creation and influencer marketing
Gen Z often turns their passion for creating content into a side hustle. This includes blogging, vlogging, podcasting, and creating engaging posts on platforms like TikTok, Instagram, YouTube, and Twitch.
Gen Z influencers with a significant social media following collaborate with brands for sponsored content, reviews, and promotions. This can include anything from fashion and beauty products to technology and lifestyle brands.
They can monetize through ad revenue, sponsorships, and merchandise sales.
Gen Z entrepreneurs often start dropshipping businesses, where they set up online stores and sell products without holding inventory.
Dropshipping is an eCommerce business model, where a drop shipper forms a business partnership with suppliers, who receive orders from your website, package the products and send directly to customers on your behalf.
So essentially, a drop shipper doesn’t have to deal with logistics – i.e buying and storing bulk stock and shipping products to customers.
Dropshipper primarily adds value through marketing and customer service.
You can use the same strategy for your print-on-demand services. For example, you can create custom designs for clothing, accessories, and home decor items and sell them on Etsy as a dropshipper. They partner with print-on-demand services to have these designs printed on products when orders are placed.
5. Tutoring and online courses
Gen Z individuals who excel in academics or have specific skills offer tutoring services or create online courses. This can range from academic subjects to specialized skills like coding, music lessons, or language learning.
The great thing about creating online courses through, is once they are created, and your marketing is automated, the income becomes passive.
As Gen Z continues to redefine financial norms, their journey is marked by resilience, adaptability, and a penchant for carving their own paths.
The saving struggle, once an insurmountable challenge, has metamorphosed into an opportunity for growth and self-discovery. The rise of new-age side hustles not only showcases Gen Z’s creative prowess but also points towards a future where traditional financial barriers are transcended.