It’s not that hard to actually find people who hate or despise Gen Z. Students after the pandemic have faced stereotypes of all kinds, just because they have better knowledge of how to work smart instead of hard in their student life, by the efficient use of technology for their assignments and side hustles for their lifestyle.
Many millennials and other older generations have called them lazy, which is a stereotype far from the truth. Students in the UK are hardworking and spend long hours working side jobs, traditional jobs, and everything else that comes with student life. Let’s dive into research and look for ourselves at what Gen Z say about the financial side of their university life.
Meaning and Motivation
Side hustles are something that students often do alongside their studies or work activities to earn some extra cash on the basis of self-employment and freelancing. Side gigs are more flexible and enjoyable in comparison to part-time jobs. The main reason that students are getting involved in side jobs is the rise in the amount of bills and rent.
Side hustles are becoming increasingly common among students. According to the National Student Money Survey, 30% of students are working a side hustle along with their academic commitments. Additionally, a whitepaper, the Side Hustle Economy, has found that 25% of adults in the UK are involved in extra jobs, in which millennials and Gen Z are leading the charge.
“Engaging in side gigs often opens doors to professional networks and connections,” said Ben Dolan. The saying that Gen Z is too distracted to work on their jobs and assignments is misleading; if that were the case, there wouldn’t be any traffic on online services for assignment help UK.
The Trending Parts to Take
Students decide what potential skills they can use to make a source of income. Some of the famous and common side gigs among the students are tutoring, baking, pet sitting, festival or event work and delivery driving. Selling second-hand clothes at Vinted or upcycling furniture is the most popular side work, chosen by 24% of students.
According to a study by Sage, around 68% of people between 16 and 30 years old are involved in multiple side jobs, and many of them aim to turn these into a fully-fledged business. Andreas Georgiou, from Sage, said: “Far from being a generation of quiet quitters, our research reveals today’s entrepreneurial landscape is teeming with Gen Zs and Millennials.
Younger students, particularly those in Gen Z, are efficient and creative with technology, and are involved in online side work, which is even more convenient and flexible. Such jobs include social media influencers, podcasting interviews, transcribing, becoming a virtual assistant and freelance writing of assignments and dissertation help UK for other students.
Benefits to Take Advantage of
Students are getting involved in extra jobs and work because they can be more beneficial than part-time jobs and internships, sometimes. These side works are flexible, provide career exploration and work experience, allow students to build connections and offer extra money that part-time jobs can’t provide.
Studies show that 27% of students hope their side business becomes their main source of income in their future; meanwhile, 21% of students plan to keep their side business as their hobby. It helps students grow in creativity and their careers. About 41% of students seek a creative outlet for their side hustle, while 40% keep things career-relevant.
Helena pointed out, “You can demonstrate your entrepreneurial side and proactivity to future employers.” It shows that experience in side hustles gives your CV an impressive look and makes you a valuable asset. But no side work can make you interesting without good grades in the exam. Gen Z, who are aware of how to use EdTech properly, write prompts like “take my exam” for better preparation through mock tests.
Money Attracts Money
Money is what students get into side gigs for, but it is still not easy to make a good amount of money from a side hustle. Side hustlers, whether they are working online or physically, could take some time to make it work. So, time will be their biggest investment.
The earnings vary, depending on the type of job. The National Student Money Survey found that most students are earning at least £100 per month. Whereas university grads can earn up to £280 per month. According to the broader data reports, the most an average side hustler can earn is £900 per month.
It needs to be kept in mind that money which is earned from a side business is potentially taxable, especially if you earn more than £1000 from self-employment. Gen Z is the generation that is mostly found in side jobs. Over half of them earn a monthly income of £500 or less, compared to just 12% of millennials in this field. These earnings are also attracting that 94% to start one too.
Risks and Drawbacks to Look Out for
It’s all fun and games until reality hits. Having a side hustle is like running a business, which, for some students at such a young age, can be problematic. The biggest problem that students face in side gigs is the tax and admin work. Most students aren’t aware that they must register with HMRC once their earnings exceed £1000.
Establishing a side business can be a lot of work for someone already tangled in studies and part-time jobs. Side hustles for students can cause distractions in their education and lead to eventual burnout, making them mentally exhausted and asking online, “write my assignment for me.”
It is even more challenging for international students. First of all, the investment costs them three times what a home student invests. It is harder for them to gain the trust of their clients because of cultural differences. On top of that, the visa restrictions make it almost impossible for students with a Tier 4 visa, which doesn’t allow them to run a business while studying in the UK.
Final Thoughts
UK students, especially Gen Z, are deeply involved in the side hustles economy to earn a decent and modest amount to spend on regular luxuries. Students surely don’t have it easy. In this fast world, they are trying to run alongside the millennials and earn a living while studying.
Are you a student thinking about where to start? Ask yourself what you’re good at and what you want to get from a side hustle. How much time do you have, and what resources do you have? Then plan everything after making it clear to yourself first.
