Key facts
- Over 60% of Americans surveyed work outside their primary jobs.
- Gen Z and millennials are most likely to have side hustles.
- Many are delaying savings and housing goals due to financial insecurity.
A significant portion of Americans, particularly Gen Z and millennials, are taking on side hustles and freelance work because their primary jobs are not sufficient to cover daily expenses or savings goals. A survey by Goldman Sachs Asset Management and Escalent found that over 60% of respondents engage in work outside their main roles. Younger generations are most likely to pursue these additional income streams, even while reporting financial stability in their main jobs. This trend suggests that the traditional full-time job may no longer be enough to ensure financial security for many, making supplementary income a baseline necessity. Consequently, many are delaying major financial goals, including emergency savings and homeownership.