There are many things about the millennials which amuse both the older and the younger generations. From not paying attention to their homeownership woes to paying back friends through apps, the young generation of millennials is doing things in a very different way from their Gen X and Baby Boomer counterparts. The case is also true with the way they make money. It has been found that millennials have taken a disparate approach towards employment as compared to what their parents and grandparents did.
Stability was a factor that was valued by the senior workers and this is what made them stick with the same company for decades. But this trend is changing as younger workers stay on the lookout for flexibility. This causes them to often switch from one job to another. Younger workers all having separate priorities for their jobs like their never-ending desire to stop working in a 9-5 job, restrained in a cubicle, and start working in a coffee shop with both benefits and flexible scheduling. For the gig economy, they’re shunning all sorts of monotonous jobs.
Do all millennials earn a passive income?
Due to the fact that the gig economy matured during the time when the millennials were ditching their jobs for part-time ventures, there is a constant assumption that all young adults are engaged in a side job. If they’re not making money doing several odd jobs on TaskRabbit or driving for Uber, they’re doing something else that can make them rich.
But these are cases of stereotypes and they don’t always reflect the entire generation. The majority of millennials are young professionals who might be lawyers, doctors, or traditional occupations. It is seen that there are more retirees and senior people with side hustles than millennials.
Are side jobs important for millennials?
Although the majority of the young adults are involved in side-hustles, that does not rule out the fact that side hustles are not necessary for them. As per the Millennial Economy Report of 2017, 45% of the surveyed millennials were all involved in some sort of side job. They believe in spending their dollars on experiences rather than on things. And it is through contract work or gig employment that they can earn money for living those experiences. This way they’re also earning cash for college and the ones who are saddling with college loan debt are getting ways to pay them back.
Flexibility is given more priority over loyalty of jobs
Even if a millennial doesn’t take advantage of the gig economy and goes with a more traditional employment option, they will most likely never stick to one employer for a long time. In fact, in most companies of Silicon Valley, the average time on the job is somewhere less than 2 years as the millennials are focused on the constant development of their job responsibilities and they also keep looking for a hike in their salary which doesn’t come in as desired in most companies.
It can be said that millennials are not the same as the older generation as long as their job prospects are concerned. If their present job won’t let them lead a good lifestyle or pay down debt, they’re definitely better off somewhere else.