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There’s a Huge Temporary Growth in Gig Work to Make Ends Meet

Nearly half of millennials agree or somewhat agree with the statement “I regularly run out of money and have to rely on credit cards or family for financial support.

Please consider Generational Gap Grows: Work & Money Outlook Divided

Job Hopping to Increase Pay or Better Work Balance

  • Younger generations continue to drive the Great Resignation: One-third of millennials and 46% of Gen Z have switched employers since the start of the pandemic — a stark contrast compared to 29% of all workers.
  • Job-hopping for paycheck-bumping: Younger generations are more likely to say that the best way to increase their earning potential is to change employers every few years, with 41% of millennial workers and 44% of Gen Z workers expressing this belief, compared to 36% of all workers.
  • Younger generations look to employers for help: Almost 6 in 10 Gen Z (58%) and millennial (57%) workers believe their employer has a responsibility to help them feel more financially empowered.
  • Flexibility strong against the dollar: Conversely, over the past year, 29% of millennials who switched jobs took a pay cut, with more than 1 in 4 millennials who took a pay cut explaining they did so in order to achieve a better work/life balance.

Debt and Financial Goals

Gig Work to Make Ends Meet

  • Salary not sufficing: 49% of millennials and 48% of Gen Z don’t believe that a salary is going to be enough to achieve their financial goals.
  • Growth in gig work: 70% of all workers have pursued or considered pursuing gig work to supplement their income over the past year. This is even higher among Gen Z (81%) and millennials (77%) — roughly a quarter of whom hope that their gig work will one day be their full-time job.
  • Gig work seen as a temporary option: Most workers who are considering or are pursuing gig work (34%) say they are only doing it until their main source of income can fully sustain their financial needs.

Dipping Into Emergency Funds

Need Financial Help

  • Looking to others for financial help: Half of millennials say they regularly run out of money and have to rely on credit cards or family for financial support, and 65% of millennials and Gen Z have received financial support in the past two years from either parents, significant others, relatives or grandparents.
  • Emergency savings funds in crisis: 50% of all respondents have less than $500 or no emergency savings fund. Nearly 4 in 10 (39%) of both millennials and Gen Z report having no emergency savings at all.
  • Debt taking a toll: 55% of millennials say that debt is preventing them from accomplishing personal goals, such as owning a home and having kids; 33% of millennials and 32% of Gen Z say student loan debt is a barrier to accomplishing those personal goals.
  • Social obligations turn financial burden: 46% of millennials and 48% of Gen Z say they’d be able to spend more on personal goals if they did not have to spend on friends’ and family members’ life milestones like wedding gifts, baby gifts, or milestone birthday celebrations and gifts.
  • Not keeping a budget or prioritizing investing: Nearly 70% of millennials and Gen Z do not keep a formal budget; 44% of Gen Z and 38% of millennials do not invest.

More Female Stress

  • A shaky situation: 4 in 10 women (41%) strongly agree that the economic environment has made them more concerned about their financial security (compared to 34% of men). Alarmingly, only 56% of all women have an emergency savings account (compared to 73% of men).
  • Income is stretched: More than half of women (53%) say they cannot afford their current lifestyle or are barely getting by — just 40% of men say the same.
  • Feeling the stress: More than one-third of women (36%) report experiencing health or mental health issues as a result of financial stress (versus 28% of men). More than 4 in 10 women (45%) say they have trouble sleeping for the same reason (versus 36% of men).

Gig Work Stunner

The stunner to me was the growth in gig work. Many want to work less but are working more because they have to.

81% of zoomers and 77% of  millennials have pursued or considered pursuing gig work to supplement their income over the past year. 

Undoubtedly, it’s not just gig work but rather any part-time work, especially the leisure and hospitality sector.

Act Your Wage 

Yesterday I noted Act Your Wage is the New Meme as Career Ambitions Plunge

There’s no time to do extra unpaid work when you need a second part-time job just to pay the bills

This also explains Quiet Quitting, Are You Doing Only What’s Necessary at Work and No More?

Sentiment is pessimistic and many zoomers are flat out giving up on the American dream of owning a home. 

I am going to gather some data from the BLS this week to tie some of these ideas together.

This post originated on MishTalk.Com.

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77 Comments
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Oldest Most Voted
david halte
david halte
3 years ago
From insuranks; side hustles 2022.
The most common side hustles
(some people have more than one)
95 percent – take online surveys
18 percent – sell items online, ebay, Craigslist
13 percent – freelance work
9 percent – sell used clothes
Gig work surveys don’t necessarily indicate
people are going to a place of employment.
Or gainfully working.
8dots
8dots
3 years ago
People hate the boomers because they are mostly white.
vanderlyn
vanderlyn
3 years ago
Reply to  8dots
absolutely a falsehood.
8dots
8dots
3 years ago
Reply to  vanderlyn
After attend community colleges for over 44 years u might be a boomer yourself. Guys like u never retire. Stop grading Mish 12 times a day.
tractionengine
tractionengine
3 years ago
I don’t think you can blame any “generation” – we are all human and human nature hasn’t changed in millennia. We are all “greedy” in our own way and when a political party offers “free” goodies, we vote for it without considering who is going to pay. So we vote for more and more free or subsidized stuff and the debt gets pushed down the road. We whine and bitch but vote for more. Politicians are wise to this and the education system is skewed to promote this thinking. Cause and effect? I don’t think this is a conspiracy; just the result of greed and lazy thinking.
As PapaDave advises, look out for yourself. It’s far too late to change direction and there is still much opportunity out there – just look where you could have been born for a start. Most people live beyond their means and are subsidized, one way or another, by people who are more productive.
Why on earth you believe that people in power care more about society than you do is beyond me. Democracy supplies the seeds of its own destruction and is far along the path. However, I’m not smart enough to offer a viable alternative so all I can do is continue using my poor old brain to continue navigating the system. Look out for number one; no one else will.
vanderlyn
vanderlyn
3 years ago
Reply to  tractionengine
that’s nihilism. horrible idea.
8dots
8dots
3 years ago
The old boomers are dumb, but in Oct they jumped above the Anti (May 12/17) and pooped, for fun, before moving up.
Casual_Observer2020
Casual_Observer2020
3 years ago
A bit off topic but this appears to be the once in 25 year flood in northern California. Levees are breaching and evac warnings have been issued. The 2 week forecast shows 2 weeks of rain. Only time will tell if this is the 2 month rain event that California had in the 1800s. That event flooded most low lying areas and necessitated boats and watercraft for anyone leaving their home.
Jack
Jack
3 years ago
Is this partially good news – wasn’t Cali in a long term drought?
Doug78
Doug78
3 years ago
It flooded the Central Valley killing off the cattle industry there. An event like then would wipe out most of California’s agriculture industry. Hope it doesn’t happen.
Christoball
Christoball
3 years ago
Some of GIG Workers operating costs are getting lower so this is good news. Last summer in June 2022 when the cheapest regular gas in my town peaked at $5.99 for a gallon or regular I made a call that the price would see $3.00 a gallon in December 2022. I have to report that I was only able to buy $3.75 a gallon gas in my town at the cheapest station. If wanted to travel 15 minutes south they have $3.39 a gallon for regular. If I travel an hour in the opposite direction it goes down to $3.29. The cheapest California gas I could find in California on gas buddy was $3.00 in Kern county who’s region produces 1% of the worlds oil. I found 1 Indian Casino selling for $3.18. Continually dropping fuel prices are good news for GIG workers.
MPO45
MPO45
3 years ago
It’s the boomers causing the labor shortage!
About 3.5 million people are missing from the labor force, compared with what one might
have expected based on pre-2020 trends, Jerome H. Powell, the Fed chair, said during a
speech last month. Pandemic deaths and slower immigration explain some of that
decline, but a large number of the missing workers, roughly two million, have simply
retired.
vanderlyn
vanderlyn
3 years ago
Reply to  MPO45
yup. mish is missing the big picture. gonna be tight labor for years to come. boomers so lucky they work for 40 years and retire for 20. that’s lap of luxury. most too dumb to get how lucky they are. travel knuckleheads. learn. read a history book.
Zardoz
Zardoz
3 years ago
Reply to  MPO45
Maybe someday soon we can get rid of the last fax machines.
8dots
8dots
3 years ago
Boomers were phased out Detroit assembly workers. In the flyover areas boomers died in their 30’s/40’s from suicide, drug overdose and
alcohol for decades. Covid eliminate one million of them. BF7 might kill few more millions. Boomers died in Vietnam to cover the
blood trail of their political leaders. Boomers were for free sex and trade. The boomers are still in the job market because they have to work. The boomers are the most hated people since the day they were born, because they are mostly white !
vanderlyn
vanderlyn
3 years ago
Reply to  8dots
you hit the lottery if you are an amerikan boomer born here. the rest of your stuff is rubbish. FFS it’s a big world. you just were raised in the lap of luxury. flyover to inner cities.
8dots
8dots
3 years ago
Reply to  vanderlyn
I was not born here. Never worked for anybody. Don’t even know how to fill a resume. Lived in NYC for many years. Never failed in business,
but made plenty stupid mistakes.
vanderlyn
vanderlyn
3 years ago
mish, you ought to read the book, “the kids are alright”. they work more. save more. take more AP courses…………and on and on. the above stuff you posted smells like ny post or national enquirer level propaganda to make your readers feel better. i’ve been attending college for 44 years, for fun and intellectual learning. the kids today are much more serious than in 1978 when i was a freshmen at SUNY. not even close. i get your readers are mostly boomers. give em what they want. rich kids born on 3rd base. top 3% of world wealth all us boomers born mid century last. most too arrogant and way too ignorant, to even revel in their immense luck in life.
Esclaro
Esclaro
3 years ago
Reply to  vanderlyn
I am a Boomer and I LOATHE Boomers. Worst generation in human history. Self centered scum.
vanderlyn
vanderlyn
3 years ago
Reply to  Esclaro
100%
Jack
Jack
3 years ago
Reply to  Esclaro
GenX enters room.
Yeah, I hate to generalize, but Boomers remind me of the boss from Dilbert.
Just saw movie Apollo 11 (uses actual real high quality clips, not actors, and it was enthralling) – I have huge respect for that generation.
Have seen many complex manufacturing facility design notes from the 1950-60s and all the engineering calculations were done in long hand – pages upon binders of complex calculations – and a lot of it is cutting edge stuff.
These guys founded and developed a lot of the basic ground breaking technology we continue to develop today.
Today it is: click a few keys, press GO, and say “I have done the hard work” – without knowing how the result was calculated or even if it is reasonable.
Lisa_Hooker
Lisa_Hooker
3 years ago
Reply to  Jack
A lot of that 50-60’s engineering was done with slide rules not computers. Remember them?
Doug78
Doug78
3 years ago
Reply to  vanderlyn
You have been attending college for 44 years? Have you graduated yet? Either you are independently wealthy or you have one hell of a big school loan to pay off.
In a book I read long ago the main character stayed in school for years because a deceased uncle in his will gave him a very generous stipend while he was in college but it stopped as soon as he graduated so he kept changing majors. Went on for fifteen years till the school kicked him out. Do you have a dead rich uncle too?
Lisa_Hooker
Lisa_Hooker
3 years ago
Reply to  Doug78
Possibly.
More likely that he can’t average his GPA high enough to graduate.
His 44 years are nothing more than sunk costs.
Doug78
Doug78
3 years ago
Reply to  Lisa_Hooker
Definitely!
vanderlyn
vanderlyn
3 years ago
now you seem to be catching on mish. jobs a plenty. prices high. just wait until the middlebrows figure out if they stop spending so much money on junk. from their food to sports and entertainment……………they might enjoy life a bit. the dumbphuckery runs deep in 2023 pax dumbphuckistan. idiocracy was a documentary.
Jack
Jack
3 years ago
Reply to  vanderlyn
So much money is spent on useless crap that ends up as clutter or in the dump. A lot is either never used or used a couple times.
Unfortunately sometimes you have to buy necessary junk because there are no alternatives (e.g., toasters last 1-2 yrs max these days).
Once you start to toss everything that you have not used in the last 2 years out, you realize just how little stuff you need (or housing square foot).
Lisa_Hooker
Lisa_Hooker
3 years ago
Reply to  Jack
I will be auctioning NFTs of junk already in the dump.
No need to purchase stuff and deal with its disposal.
Just buy one of my NFTs and you’re good.
Roto1711
Roto1711
3 years ago
As they say, you get what you vote for.
Lisa_Hooker
Lisa_Hooker
3 years ago
Reply to  Roto1711
I say that Americans have the best Government that money can buy.
Zardoz
Zardoz
3 years ago
“Temporary” may prove to be optimistic.
Lisa_Hooker
Lisa_Hooker
3 years ago
Reply to  Zardoz
That’s why he said transient…
klausmkl
klausmkl
3 years ago
The greed of the Boomer generation has corrupted the USA and diminshed the chANCES of the younger generations by a large margin. It is disgusting what my fellow boomers have done. Most of the younger generations will never see retirement. Just look at the boomers now. Obese, greedy, glutonious drunkards bent on having fun. I am a boomer and I witnessed and lived through the entire mess. Most men never even became spirtual leaders of their house and let their children run wild. Now we have a big mess. We are at fault because we have failed the younger generations.
Zardoz
Zardoz
3 years ago
Reply to  klausmkl
My old man kept me in dirt bikes and firearms, he was a boomer, and he was ok. We had good times.
vanderlyn
vanderlyn
3 years ago
Reply to  Zardoz
expensive rich world toys. your lucky old sport. count your lucky stars. you know this.
Esclaro
Esclaro
3 years ago
Reply to  klausmkl
Exactly right. I am a Boomer and believe me, the world will be so much better off when this useless generation is dead!
Doug78
Doug78
3 years ago
Reply to  Esclaro
If you live in Canada they have a solution for you.
Maximus_Minimus
Maximus_Minimus
3 years ago
Reply to  klausmkl
So the land whales walking on dry land stuffing themselves with fatburgers and beer are all boomers?
vanderlyn
vanderlyn
3 years ago
all ages at middlebrow gatherings like sports and amerikana movie houses…………..the fat phuck boomers in tow with their fat phuck grand kids……….i set traps in my hood. no age limtits. bear traps with donuts. bag a few per evening.
Jack
Jack
3 years ago
Reply to  vanderlyn
Golf and american football sheep.
Lisa_Hooker
Lisa_Hooker
3 years ago
Reply to  klausmkl
The greed of these younger generations have corrupted the USA.
They want everything the Boomers assembled over 30-40-50 years of work and saving.
And they want more than that, they want all the new stuff too.
And they want it all RIGHT NOW you racist!
Maximus_Minimus
Maximus_Minimus
3 years ago
What will history call it? Government sponsored destruction?
8dots
8dots
3 years ago
Gen Z don’t understand that when the cost of labor, commodities, interest rates selling, o/h and healthcare… are too high for producers
and for consumers to buy ==> it start a systemic change. It takes time, but mfg, home builders …will slowly liquidate, break partnerships, dump assets, sell bellow cost, while hiring gig workers to do the jobs, before they shut their doors.
Six000mileyear
Six000mileyear
3 years ago
The debt younger generations accumulate means stock markets will make a structural shift to the downside as retirees live off their investments and spend less in general.
Zardoz
Zardoz
3 years ago
Reply to  Six000mileyear
Most generational wealth has already been captured by the rich. Why even keep that scam running?
vanderlyn
vanderlyn
3 years ago
Reply to  Zardoz
YOU are missing a big point. the post ww2 few decades when amerika was easy and the village idiots could live large was the aberration. we are just going back to normal times where the nit wits and middlebrows get crumbs. that’s the way the world has worked for centuries, and heading forward here, again. the aberration was the 1940s to the 1990s or so. amerikans need to get some history classes.
Lisa_Hooker
Lisa_Hooker
3 years ago
Reply to  vanderlyn
I’ve heard that there was one hellofva aberration from 1915 to 1938.
But I don’t know for sure as I wasn’t there.
vanderlyn
vanderlyn
3 years ago
Reply to  Six000mileyear
depends how much fed prints. now that they got the 2008 bubble bailout and the plague year helicopter drop down, the next time they need to prop up the game, they will just drop an extra ZERO into each of our bank and brokerage accounts. everyone goes 10x “wealthier”.
Sunriver
Sunriver
3 years ago
My 27 year old daughter does Gig work (Insta-Cart) to supplement her day care job which pays very little.
She could do the final 2 years of college to get her teaching degree, but the $30,000 of student associated with that is something she wants to avoid. Profound teacher shortages coming right up.
Gig work is nice because you are you’re own boss.
Quagmire46
Quagmire46
3 years ago
I note that no questions addressed the role of government in the financial positions of different generations of workers.
I wonder why that is?
worleyeoe
worleyeoe
3 years ago
Reply to  Quagmire46
Because the social welfare system has destroyed all sorts of peoples’ willingness & ability to provide for themselves. We used to be guided by American Exceptionalism. Most people under 30 probably have never heard of this concept nor would they understand that at a personal level it means to adhere to some level of rugged individualism. iPhones & social media are single-handedly destroying these concepts in America. It’s all about collectivism and having the government be responsible for your welfare from cradle to grave. This push for open borders will only worsen this and related problems. You are responsible for your own destiny, not the government. Last, keep in mind that Prudential is a insurance & asset management company. Once you move to this full-on socialist society, there’s no need for Prudential, so they’re not going to highlight what the government is doing to undermine their ability to make a buck or two.
PapaDave
PapaDave
3 years ago
Reply to  Quagmire46
Probably because government’s role in your life is insignificant compared to what you do yourself.
Your own decisions are 100x more important to how your life turns out.
To think that government is somehow responsible for how your life turns out is just a weak excuse for losers.
The great thing about the USA is that it is still a country where almost everyone has an opportunity to make a good life for themselves. If you can’t be bothered to make a good life, don’t blame others.
klausmkl
klausmkl
3 years ago
Reply to  PapaDave
That’s is not true. So many variables decide where you wind up. Family, social environment, sometimes even just luck. Our crony capitalism dictates where you go and what you do. America was a land of opportunity years ago. The commercialization of our Institutions has corrupted America. If your willing to lie and steal then you will have a better chance. An Honest Abe would never make it now, never. The government has a lot to do with how you make it. The government at least has a decent pension and health plan. The Private sector offers no pension now and were forced to provide health care by governmental intercession.
Zardoz
Zardoz
3 years ago
Reply to  klausmkl
You have significant influence over your fate, but which vagina you come out of largely determines the arc of your life.
Reality is a giant, improbable, crap shoot, and it’s only the way it is because it had to be some way. Nothing worth getting too worked up about.
worleyeoe
worleyeoe
3 years ago
Reply to  Zardoz
My parent’s instilled in me a love of hard work, self-reliance, paying forward to those who have less, God & country.
That’s all I need, and I’m fine with whatever God has planned for me. I don’t leave my fate in the hands of anyone but His & mine.
Oh, and FJB! Haven’t said that in a while.
Cheers!
vanderlyn
vanderlyn
3 years ago
Reply to  klausmkl
FFS you hit the lottery by being born in rich country like pax dumbphuckistan the past 90 years.
Jmurr
Jmurr
3 years ago
Reply to  PapaDave
It steals 30% of my income. I would hardly call that insignificant.
vanderlyn
vanderlyn
3 years ago
Reply to  Jmurr
if you are paying 30% tax you need a life coach for business game.
PapaDave
PapaDave
3 years ago
Reply to  Jmurr
Stop whining like a child. Because it isn’t going to change things.
Instead, use the opportunity this country provides you and make something of yourself. If you make enough money, you won’t care about taxes. I pay a ton of taxes. Because I make a lot of money. I make a lot of money because I give a sh*t about improving my life.
Which means I don’t waste my time complaining about things I cannot control. And I focus on what I can control.
Too many f’ing whiners in Americas today.
vanderlyn
vanderlyn
3 years ago
Reply to  PapaDave
100% correct papa dave. i see all the immigrants here in brooklyn(about 65% of city workers), busting chops and getting ahead. from hell holes like haiti and africa and ukraine and on and on. the amerikan middlebrow is a whiner. has been for about 50 years, non stop.
PapaDave
PapaDave
3 years ago
Reply to  vanderlyn
The whiners here are pathetic. Bunch of crybabies.
vanderlyn
vanderlyn
3 years ago
Reply to  PapaDave
it’s amerika, 2022. boomers crying their whole lives, breeding kids who whine just like em. glad i live surrounded by immigrants in brooklyn who smile and work their butts off and enjoy the rich land we have. the middlebrows with loser attitudes are going back to the normal times of the history of usa and world. crumbs and whining. FFS life here is so easy and fun. making money in amerika is so easy. just put head down and get it.
PapaDave
PapaDave
3 years ago
Reply to  vanderlyn
Frankly, I don’t care which generation; boomer, millennial, gen xyz, etc. people are. There is opportunity for all; its never equal; but its opportunity nonetheless.
But it requires motivation, perspiration, and a grasp of reality. Yet the typical moron here would rather complain endlessly about those who are successful and make excuses for why they are not.
I don’t care for generational nitpicking. Its just another way to waste time; better to focus on making a better life for yourself. Look after your health, wealth, family and friends.
Stop complaining. Stop campaigning. Start living.
And what better time than now. The start of a new year.
Happy New Year vanderlyn. Hope its a successful year for you.
worleyeoe
worleyeoe
3 years ago
Reply to  PapaDave
“If you can’t be bothered to make a good life, don’t blame others.”
Most Def!
Avery
Avery
3 years ago
What that guy with the funny accent and big ears said 31 years ago.
Casual_Observer2020
Casual_Observer2020
3 years ago
I think unlike their parents generation, millenials, Gen Zers and iGen find the whole thing a bit overrated. Ive seen their behvaiors at my workplace and they have figured in a few years what it took previous generations decades to figure out — that the whole system is rigged against them no matter what they choose. Kudos to them for figuring out that you can live on your own terms.
worleyeoe
worleyeoe
3 years ago
Glad they’ve got all that figured out, since the majority of them will never have positive net worth or the ability to invest in the stock market, own CDs, bonds, or real estate. But somehow, they’re going to live joyful and fulfilling lives by never really owning anything, which makes zero sense to a GenX’er like myself. Very pleased with my growing net worth. I wouldn’t do well with constant financial insecurity hanging over my head.
Zardoz
Zardoz
3 years ago
Reply to  worleyeoe
You never own anything, you borrow it till you die. I figure if I need something, I can get it. Over the last few years I’ve stripped down to what I can fit in my pickup, and moved around a lot. It feels good to not have to keep track of a bunch of depreciating crap. It’s not necessary or desirable.
vanderlyn
vanderlyn
3 years ago
Reply to  Zardoz
less is more. always has been. i was lucky to have my light bulb moment in my early 20s. first ronnie raygun administration. that con man helped me see the scam.
Casual_Observer2020
Casual_Observer2020
3 years ago
Reply to  vanderlyn
He was an actor before he became a conman.
Jack
Jack
3 years ago
Was he a conman or just an actor with a script?
worleyeoe
worleyeoe
3 years ago
Reply to  Zardoz
Agreed – It’s all God’s anyway. He’s just letting me borrow what I need while I’m here on earth, and I feel very blessed.
Thanks for reminding me, Zardoz!
Lisa_Hooker
Lisa_Hooker
3 years ago
Reply to  Zardoz
Yup, got everything down to a few 40′ containers.
Casual_Observer2020
Casual_Observer2020
3 years ago
Reply to  worleyeoe
Everyone who is working is financially insecure. Otherwise they wouldn’t be working.
Jack
Jack
3 years ago
There are people who have found hobbies that pay or jobs that align with their hobbies.
I have never so much fun with my job as having now – and am paid very well to boot.
MikeC711
MikeC711
3 years ago
They are fortunate that opportunistic politicians will clang the marxist “income inequality” gong for them when they can’t afford rent and Mom and Dad no longer have the basement for them to live in.
vanderlyn
vanderlyn
3 years ago
the great harry brown wrote book i believe titled, how i found freedom in an unfree world. got to meet him a few time before he embezzled and died.

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