There are so many things about the millennials which amuses the older and the younger generations. From not paying attention to their home ownership woes to paying back friends through apps, the young generation of millennials are doing things in a different way than Gen X and baby boomers. The case is also true with the way they make money. Off late, it has been studied that the 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 too and the younger workers are always on the lookout for flexibility and hence they’re desperate to switch from one job to another. Younger workers or the millennials are all having separate priorities for their jobs like their never-ending desire to swap working in a 9-5 job restrained in a cubicle to working in a coffee shop. 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 cabs for Uber, they’re doing something which can make them rich.
But these are cases of stereotypes and they don’t always reflect the entire generation. Majority of the millennials are young professionals who might be lawyers, doctors and traditional occupations. It is seen that there are more retirees and senior people with side hustles than the millennials.
Are side jobs important for the millennials?
Despite the fact mentioned above that majority of the young adults are involved in side-hustles, that do 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 side jobs. 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 though a millennial doesn’t take help of the gig economy and goes behind the traditional employment options, they will most likely never stick to one employer for a long time now. In fact, in most companies of Silicon Valley, the average time on job is somewhere less than 2 years as the millennials are focussed on constant development of their job responsibilities and they also keep looking forward to a hike in their salary which doesn’t come in as desired in most companies.
Hence, to conclude, 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.