Generation Z is clearly changing their approach to earning money and paying less attention to traditional Saturday jobs. A new survey shows that this generation is turning to social media influencing and other side jobs.
Declining Interest in Traditional Jobs
According to a study conducted by NatWest Thrive, only 15 percent of 16 and 17-year-olds earn income from informal jobs such as working in clothing stores or delivering newspapers. This figure has clearly decreased compared to more than a third of adults in the same age group who were engaged in similar jobs.
Profitability Through Online Jobs
Today's youth are looking for new ways to earn money instead of traditional jobs. 44 percent of teenagers have pointed to creating social media content as the most popular method of earning income. Additionally, 42 percent are interested in starting small businesses, and 38 percent have shown interest in gaming and streaming activities.
This shift in approach to earning money could lead to the creation of a new youth economy. On average, each teenager added £389 to their income from side jobs last year, amounting to £640 million in side income among 1.6 million teenagers in the UK.
Future Outlook and Use of Technology
Teenagers are also showcasing new trends in their financial planning for adulthood. 80 percent of them want to have at least two different sources of income, and 34 percent are looking for three or more. Furthermore, 35 percent of teenagers have mentioned using artificial intelligence for business ideas.
However, many teenagers are skeptical about online success stories, with 41 percent believing that content creators portray success faster than it actually is. They are also calling for more transparency regarding the time needed to become profitable, mistakes made, and the initial investment required to start a business.
NatWest has recently launched a program called Money Talks to assist 16 and 17-year-olds in financial decision-making related to earning income outside of traditional jobs.
