Monday, December 23, 2024
Gen-Zers Are Big on Side Hustles, and They’re Using AI to Juggle It All
The gig economy is still very much alive, thanks in part to Gen-Z and Millennials. A new survey from Intuit finds that nearly two-thirds of people between the ages of 18 and 35 have either started or plan to launch a side hustle. And, increasingly, they’re leaning on artificial intelligence to do so.
Gen-Zers are opting for a more entrepreneurial approach to their careers. And this, writes Intuit, represents “a material shift in how younger generations approach work, purpose, and financial independence.”
Gen-Zers and Millennials have a strong desire to be their own boss, according to the survey. Nearly half of the 1,000 people Intuit spoke with said they wanted to be in charge of their own destiny. Another 42 percent said they were pursuing their passions with these side gigs. The flexibility of these jobs and the chance to build something personal and unique were also key motivators.
Gen Zers’ status as digital natives, the first generation to grow up with the internet as a part of daily life, is a big part of the embrace of side gigs as well. Some 80 percent of Gen-Z business owners started their businesses online or had a mobile component.
Social media is also a tool they’re employing, with 44 percent relying on platforms, including Instagram and TikTok, to market their side hustle’s services and raise brand awareness.
“There’s an entire cultural renaissance happening on social media where creators, business owners and side hustlers are finding their target audience, customer or next gig all in the palm of their hand whenever or wherever they decide to work,” Intuit’s Consumer Trend Expert Marissa Cazem.
The side hustles, for now, are being run alongside a regular job. And while 65 percent of those surveyed who are operating one currently say they plan to continue doing so in 2025, figuring out the timing remains the biggest challenge.
That’s where AI comes in. The advances the technology offers in reducing the time required for certain tasks has been a boon for Gen-Zers. They are using AI for things like content creation, customer service, and even logo creation and web design.
Some Gen-Z founders are even leaning on AI to exit their side hustles. In 2018, Ben Zogby launched HighStrike, which offers educational resources and webinars to help people learn how to invest. He worked on the business during nights and weekends after finishing his 9-to-5 engineering job.
Eventually, it found an audience—and earlier this year, the 27-year-old Bostonian sold the business for $1.8 million.
Zogby was able to exit for that impressive amount thanks to Flippa, an online platform that uses AI to connect founders with potential buyers, suggesting valuations in as little as 30 minutes. The tool’s large database of buyers also let Zogby locate targeted bidders, saving the time that might otherwise have gone into looking for the right person to buy the business. In the end, HighStrike found itself the subject of a bidding war, which resulted in the $1.8 million exit.
Just 3 percent of Gen-Z workers with side gigs say they have failed. Most pivot, Intuit said, when things aren’t working. The gigs can be lucrative, as well. On average, side hustles are profitable after three to six months. And a separate study from Bankrate found the average income of these gigs is $891 per month.
“Gen Z and millennials are reshaping the economic landscape,” wrote Cazem of Intuit. “They’re not just participating in the gig economy—they’re leading it, armed with digital tools, entrepreneurial spirit, and a drive for autonomy.”
BY CHRIS MORRIS @MORRISATLARGE
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