If you had to guess how many members of Generation Z would want to become a freelancer, what would your estimate be? Would it be 50%? Would it be 75%? How about 80%?!
Yes, that’s right: Eight out of ten Gen Zers the generation born after 1995 would love to work as a freelancer.
And while some people may assume that this is just typical young person malcontent, Gen Zers are much more motivated by the idea of having a fulfilling career and making a difference. While there’s no such thing as “a typical Gen Zer,” one thing is certain:
They are extremely self-reliant when it comes to finding work. So, let’s explore the reasons why Gen Zers are driving the freelance economy and what we can learn from them!
| Takeaways |
|---|
| 1. Generation Z is playing a significant role in shaping the freelance economy. |
| 2. The flexibility and independence offered by freelancing appeal to Generation Z’s values and aspirations. |
| 3. Gen Z’s digital skills and entrepreneurial mindset make them well-suited for freelance work. |
| 4. Freelancing provides Gen Z with opportunities for career exploration, skill development, and financial independence. |
| 5. Businesses and employers need to adapt to the preferences and work styles of Generation Z freelancers to leverage their talents effectively. |
Generation Z Has A Surprising Amount Of Clout
Generation Z is the most diverse generation, with more non-white students, and more students from lower socio-economic backgrounds. Generation Z is also the most educated generation, with almost half of all students completing a bachelor’s degree by age 24.
This means that there are plenty of skilled workers who have a lot of experience in their fields and are ready for an opportunity to work for themselves.
This entrepreneurial spirit has been nurtured by technology as well: Gen Z was born into a world where cell phones were commonplace for everyone (not just teens).
Internet access was widely available (not just at school or libraries), and social media was ubiquitous (not just in middle school).
These factors not only make it easier to find jobs online but also allow young people to build their income streams through their social media presence whether it be on Instagram or YouTube.
Freelancing offers numerous advantages, even if you already have a full-time job. Discover the 6 Reasons to Be a Freelancer and explore how freelancing can complement your existing career. Check out our article on 6 Reasons to Be a Freelancer in Addition to Having a Full-Time Job to learn more.
80% Of Students Would Love To Become A Freelancer
In a survey conducted by the Freelancers Union, 80% of students in college and university said they would love to be freelancers.
It’s not hard to understand why. In today’s economy, many young people are growing up with a sense of insecurity about their career prospects. They don’t see themselves as part of the traditional 9-to-5 workforce:
They want flexibility and freedom over job security or stability. Students also want more than just money they value meaningful work and opportunities for growth over salary alone.
The Freelance Economy Is Growing Quickly, As Is Gen Z’s Influence
You’re probably familiar with the concept of freelance work. In a nutshell, it’s working on a project or contract basis as opposed to having a permanent position at an employer.
Freelancers are taking advantage of the flexibility this type of work offers and enjoying the benefits that come along with it.
To thrive in this environment, freelancers need to be strategic about finding clients and managing their businesses.
Generation Z Is Becoming One Of The Most Powerful Forces Driving The Freelance Economy
As a group, they are more educated than the millennials and Gen Xers before them, which is important because education is one of the best predictors of income.
In fact, according to the Boston Consulting Group (BCG), by 2020 there will be almost 100 million people in the U.S. workforce who identify as freelancers or independent contractors an increase from around 42 million today. The majority of these workers will be from Generation Z.
Gen Z tends to live at home longer than previous generations did about 1 in 2 Gen Zers still live at home with their parents compared to 1 in 3 millennials and 1 in 4 Generation Xers who did so at this age and this extended period gives them extra time and money for side hustles!
The most entrepreneurial generation ever? Maybe not quite yet but if current trends continue then yes!
Gen Z has a unique opportunity to thrive in the freelance economy. Unlock your potential with 15 Tips to Help Gen Z Achieve Success in this ever-evolving work landscape. Gain valuable insights by reading our article on 15 Tips to Help Gen Z Achieve Success in the Freelance Economy.
Some Companies Are Already Reaping The Benefits Of Hiring Freelancers
Flexibility: As a company grows, it can be difficult to accommodate every employee’s schedule needs. While some employees might require more flexibility than others, there may not be room for everyone on a traditional 9-5 schedule.
Freelancers are often much more flexible because they don’t have set hours or schedules that need to be respected.
Cost-effectiveness: Companies can also save money by hiring freelancers rather than full-time employees since they don’t need to provide benefits such as health care and paid vacation time (although some companies do offer these things).
Motivation: An employee who works from home is much less likely to get distracted by their environment or colleagues around them than someone who goes into an office every day and if your business doesn’t require face-time with clients, this is even more true!
According To Linkedin, More Than Half Of Gen Z Workers Have An Extra Job Or Side Hustle
If you’re a Gen Zer and feel like you’ve been working harder than your parents, it’s not just in your head.
According to LinkedIn, more than half of Gen Z workers have an extra job or side hustle. That’s compared to only 49% of millennials, 46% of Generation Xers, and 37% of baby boomers.
So if you need the extra cash from time to time, consider the many benefits that come with selling on the side:
You’ll make more money per hour doing something that interests you – that’s why so many people sell on Etsy!
If sewing or crafting is something that gets your creative juices flowing but isn’t necessarily part of an official job title at work then selling handmade items can be a great way to supplement income without compromising quality time spent making things for fun.
You Can Now Add “Side Hustle” To The List Of Skills That Gen Zers Value In A Job
In addition to having a good work-life balance, Gen Zers value the ability to have a side hustle. This can be anything from starting your own business or selling crafts on Etsy, and it’s exciting that more young people are becoming aware of how valuable these skills can be.
A recent study by FlexJobs found that 55 percent of Gen Zers would prefer an opportunity for freelancing over a traditional full-time job.
While this may not be surprising given their reputation for being entrepreneurial, this data reveals just how important it is for managers who hire young people to offer flexible working hours so these individuals can keep their options open as they build up their freelance careers.
Are you looking to tap into the talents of Generation Z for your freelance business? Discover 13 Reasons Generation Z Is Perfect for your entrepreneurial endeavors. Find out why Generation Z is an ideal fit by reading our article on 13 Reasons Generation Z Is Perfect for Your Freelance Business.
Students Want To Work For Themselves And Are Passionate About Their Careers
You may be wondering, “Why do students want to work in the freelance economy?” Well, that’s a good question.
It all comes down to passion and self-efficacy. Students are passionate about their careers and they want to be able to pursue their passions on their terms and in an environment where they feel empowered by their work.
A survey by Upwork found that 49% of Gen Zers are more likely than older generations to start freelancing after college graduation.
A Third Of Gen Zers Report That They’ve Had A Job Where They Set Their Hours
The freedom to work from home, wherever and whenever you want is one of the biggest benefits of freelancing. While it can take some getting used to, there are many reasons why freelancers choose this flexible lifestyle.
A third of Gen Zers report that they’ve had a job where they set their hours. In addition, more than half say they would rather freelance than work full time for an employer because they want the flexibility it offers them.*
That means there’s a new generation who knows what it means to work on their terms and they’re not afraid to ask for them!
Navigating the freelance economy successfully starts with finding your freelancing niche. Explore how to zero in on your freelancing niche and thrive in the competitive market. Get valuable insights by reading our article on The Freelance Economy: Zero in on Your Freelancing Niche.
Freelancing Can Be Just As Lucrative As Working In An Office
Freelancing is a great way to make money, but it’s also a great way to learn new skills. You can use your free time on the weekends or after work to get creative, and then use that creativity for paid gigs during the week.
That means you can do freelance work in your free time even if you have an office job during the day which gives you more options for making extra money or building your portfolio (or both).
If you love cooking but hate working in restaurants because of customers, try making dinner parties on weekends instead of waiting tables all night at a restaurant.
If one customer is rude and tells everyone at their table they don’t like what they ordered, maybe it’s just not meant to be!
Generation Z Is Helping Create An Economy That Meets Their Needs And Lets Them Pursue Their Passions
Gen Z has many interests, which makes us all very different. This can make it hard for large companies to find the right people for a job, but also brings opportunities for smaller companies that are looking for creative workers with diverse skillsets.
It’s not just about how well someone can do a job; Gen Z wants to work somewhere that allows them to pursue their passions and interests as well as grow professionally in a way that doesn’t feel like work at all!
Take a closer look at the relationship between Generation Z and the world of freelancing. Gain valuable insights with our article on A Look Under the Hood of Generation Z and Freelancing. Discover the dynamics of Generation Z in the freelance landscape by reading our article on A Look Under the Hood of Generation Z and Freelancing.
Conclusion
It could be that Generation Z is ushering in a new phase of work where flexibility and self-direction are more valued than ever before. After all, when you’re going to spend most of your waking hours working, what matters more than whether or not you love it?
Further Reading
Nearly Half of All Gen Z and Millennial Workers Did Freelance Work This Year: Discover the growing trend of freelancing among Gen Z and millennials, and explore the reasons behind their participation in the gig economy.
The Rise of the Gen Z Side Hustle: Learn about the emergence of side hustles among Generation Z, their motivations, and the impact these ventures have on their professional lives.
Freelancing: The Newest Trend Among Gen Z: Dive into the latest trend of freelancing among Gen Z, and gain insights into their preferences, skills, and the opportunities this new landscape provides.
FAQs
Q: Why is freelancing becoming popular among Gen Z?
A: Gen Z is embracing freelancing due to the flexibility it offers, the opportunity to pursue multiple interests, and the potential for greater autonomy and control over their careers.
Q: What are the main benefits of freelancing for Gen Z?
A: Freelancing allows Gen Z to have a diverse range of experiences, build a versatile skill set, explore their passions, and enjoy a flexible work-life balance.
Q: How does freelancing contribute to the professional development of Gen Z?
A: Freelancing enables Gen Z to acquire valuable real-world experience, develop entrepreneurial skills, and expand their professional networks, which can enhance their long-term career prospects.
Q: What challenges do Gen Z freelancers face?
A: Gen Z freelancers may encounter challenges such as building a client base, managing finances, finding work-life balance, and navigating the competitive freelance market.
Q: What resources and platforms are available to support Gen Z freelancers?
A: There are various online platforms, freelance communities, mentorship programs, and educational resources specifically designed to assist Gen Z freelancers in their journey, providing guidance, opportunities, and networking possibilities.
Costantine Edward is a digital marketing expert, freelance writer, and entrepreneur who helps people attain financial freedom. I’ve been working in marketing since I was 18 years old and have managed to build a successful career doing what I love.