A new study conducted by GoDaddy reveals that a rising number of Australians belonging to Gen Z (aged 18-26 yrs) are pursuing side hustles or small-business ventures as a means to attain financial security in the midst of rising cost-of-living expenses.
The research highlighted that a quarter of Gen Zs now run a side hustle in 2023, up 100 per cent from the one in eight recorded 15 months ago in a 2022 GoDaddy research. In addition, three-quarters of young Australians would willingly make financial sacrifices to realise their entrepreneurial dreams.
As they pursue the path of entrepreneurship, almost three-quarters of respondents say that real-world experience is more valuable than classroom learning for their career and entrepreneurial aspirations.
While income remains a top priority for young Aussies, 44 per cent of Gen Z’s say that achieving work-life balance is important, a noted increase from last year’s eight per cent.
The survey also highlighted that more than 60 per cent of Gen Z respondents believe that side hustles are attractive alternatives to traditional job roles in sectors such as hospitality and retail. Moreover, an overwhelming three-quarters of Gen Z respondents expressed a willingness to accept an average pay cut of 25 per cent to operate a business aligned with their passions.
Kalista Thomas and Emily Barker, Gen Z founders of Glamour & Co Beauty Studio agreed with the survey’s findings saying, “We’re seeing more of our peers embracing their inner entrepreneur. Young generations, particularly Gen Z, are incredibly passionate and purpose-driven, and being able to turn a passion or a skill into a business is increasing in appeal for younger Australians. Traditional industries like hospitality and retail are still popular, but owning a business allows us to shape our own destiny, innovate, and take ownership of our ideas. We wouldn’t have it any other way.”
Tamara Oppen, Vice President English Markets for GoDaddy, pointed out that it has never been easier to start a business online, whether it is full-time or a side hustle.
“It’s great to see one in four Gen Z Australians running an online business or side hustle,” Oppen said. “We have seen first-hand the success that many of our younger customers have had in starting their side hustles, as they continue to shape the future of work.”
