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Millennials, more than any other age demographic in the U.S., are gravitating towards freelancing — driven by unique economic challenges and the need for greater flexibility.
A survey published by Revelio Labs, reveals approximately 3.2 million Americans are now taking on freelance side jobs. This marks a 60% growth compared to the level in 2019. The data has helped millennials earn the reputation as “the side-hustle generation,” as over half (58.7%) of all side hustlers are Millennials.
“Millennials leverage their diverse skill sets, which often include writing and editing for content creation, copywriting, or proofreading services,” according to Loujaina Abdelwahed, Senior Economist at Revelio Labs. “The creative side also thrives in the freelance world, with millennials offering photography, graphic design, and video production expertise. This diversified approach to work allows millennials to utilize their passions to generate financial benefits.”
According to the data, freelance side hustlers are found in the following roles:
- Writer – 13.5%
- Photographer – 12.8%
- Graphic Designer – 11.0%
- Video Producer/Editor – 5.2%
- Content Specialist – 4.0%
- Trainer/Tutor – 3.8%
- Stylists – 3.3%
- Composer/Musician – 3.2%
- Small Business Owner – 2.3%
- Web Designer – 1.9%
Bloomberg reports that Millennials are taking over freelance jobs because of the unique economic hardships experienced in waves since entering the workforce. Many Millennials graduated from college during the 2008 financial crisis burdened with student debt and scrambled to find jobs in scarce markets. They’ve since struggled to keep up with the persistent rise in living costs.
Unlike traditional employment, freelancing offers greater flexibility for individuals to work from anywhere and the opportunity to receive multiple streams of income.
However, the popular trend of freelancing and side hustles comes with its own set of challenges. Balancing multiple jobs, managing varied finances, and handling taxes as a freelancer can get complicated. For digital nomads, failure to understand these challenges can lead to tax and legal risks.
As the gig economy continues to grow, the rise of freelancing among millennials reveals something more pressing than employment. Like older age demographics, millennials face rising costs of living on top of student loan debt. The data reflects the increased desire throughout the workforce for a more flexible and self-directed career path. The combination of creative and financial needs is redefining traditional concepts of work and career stability.
