Americans are increasingly turning to side hustles to earn extra income outside of their traditional 9-5 jobs, with young entrepreneurs leading the way. According to Bankrate’s Side Hustles Survey, 44% of millennials and 48% of Gen Z are currently engaged in a side hustle. However, the newest generation on the scene, Gen Alpha, born between 2010 and 2024, is already showing interest in taking control of their financial futures.
A recent report by Acorns reveals that a staggering 69% of Gen Alpha have either started or plan to start a side hustle. With an estimated $11.3 billion in spending power, Gen Alpha is becoming proactive about their personal finances by earning extra money for spending (58%) and saving for the future (31%).
“It’s encouraging to see how mindful Gen Alpha already is about financial security,” says Acorns CEO Noah Kerner. The report highlights that these young side hustlers are saving for various goals, including college (19%), their first car (24%), their first home (11%), and even retirement (6%).
Moreover, Gen Alpha’s parents play a significant role in shaping their children’s money mentalities. The report shows that 63% of kids and teens aged 10 to 14 frequently hear their parents discussing money. Parents who associate stress with money often have children who feel the same way, creating an opportunity to instill strong money management skills in their kids.
According to Northwestern Mutual vice president and chief portfolio manager Matt Stucky, teaching kids about saving and investing from a young age can set them up for long-term financial success. This article is part of our ongoing Young Entrepreneur® series, highlighting the stories, challenges, and triumphs of being a young business owner in today’s economy.
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