We looked at how many Gen Z and Millennials have a second stream of income, and what they’re doing to earn the money…
TL;DR:
- Over two in five young people have a second stream of income, with Millennials more likely than Gen Z to say they do
- Millennials are more likely to have a second stream of income to save for the long-term and so they can have “fun money,”
- A quarter of young consumers who have a more than one stream of income are using their money to invest in stock market and buy cryptocurrencies
YPulse’s Buying Into Crypto & NFTs trend report takes a deep dive into the type of digital investments that Gen Z and Millennials are into. We told you how many young people have bought in cryptocurrency and NFTs—but we also explored why they’re investing in these things. The last two years in particular have shifted young people’s perspective on what having a traditional job means and what their financial goals are. Now, more of them are open to the idea of working multiple jobs, w and finding other ways of making passive and active income. Our research found that a surprising number of young people have more than one stream of income:
Millennials are more likely than Gen Z to have more than one stream of income
Overall, over two in five (43%) 13-39-year-olds report that they currently have more than one stream of income. When we asked exactly how many streams of income Gen Z and Millennials have, both gens have an average of two. But Millennials are much more likely than Gen Z to say they currently have more than one stream of income, with almost half reporting that they do. While both generations have been financially impacted in the last two years, some Millennials whose primary jobs were impacted were forced to delay life milestones and save more than usual. Because of this, many of them turned to multiple streams of income in order to reach their financial goals. The reasons that these gens have more than one income differ as well:
Millennials have multiple streams of income to save for the long-term and to have “fun money”
Yes, the last two years have been difficult on young people financially, and in some cases, it has led them to finding new ways to get money on top of working a traditional job. So, of course, the top reason both Gen Z and Millennials say they have more than one stream of income is because they need money. However, saving for the long-term future and having “fun money” (extra money to buy things they want) are also some of the top reasons they have more than one job, with Millennials more likely than Gen Z to cite those two choices.
Millennials are more likely to have extra income so they can pay for groceries, bills, and support their families
When we look at what they do with the money from their additional streams of income, Millennials are more likely than Gen Z to say they use it to pay for things they need to live (i.e. groceries) and bills, and to support their families. So, it makes sense that Millennials would be willing to work multiple jobs in order to have “fun money” on top of the money they need to survive.
But we wanted to take an even deeper look and understanding of why young people have an additional stream of income, so we looked at the top reasons 13-39-year-olds who have more than one streams of income have one spent it on:
A quarter of young consumers with more than one stream of income are investing in stocks or buying crypto
Investing in the stock market and buying cryptocurrencies are the top things young people with more than one stream of income tell us they do for money, with a quarter of them saying they do so. We told you how crypto is rivaling stocks as investments for young consumers and it’s obvious that both have become a popular investment for them. In fact, when we asked young people what the best way to make money is via open response, “cryptocurrency” and “stocks / mutual funds / index funds / hedge funds” were the top responses for Gen Z and Millennials. One 38-year-old even told us: “It’s the only way to make a guaranteed profit,” while other respondents said it’s a good and quick way to make money. Our trend research found that young people who are investing in digital assets are doing so to build wealth.
However, investing in their business is still important to Gen Z and Millennials
Meanwhile, nearly one in five young consumers who have more than one stream of income say that buying / selling second hand items, selling a product they made, and buying / selling limited editions items and clothes are some of the things they do for money. Young people are looking for ways to create their own hustles, and many are dreaming of becoming an entrepreneur. In our open response, “starting / owning / running a business” was one of the top things young people tell us is the best way to make money, with one 22-year-old student telling us that because COVID has made it harder for people to find jobs, “it’s time to use your talents and build a business.”
YPulse Business users can access the full Buying Into Crypto & NFTs trend report and full data here.
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