The work market for Generation Z will resemble a post-pandemic creative economy.
According to VIBEPAY data, Gen Z is the most entrepreneurial generation in the workforce, eschewing traditional employment in favor of the creator economy.
Generation Z, individuals born between the late 1990s and the early 2010s, currently account for about a quarter of the workforce.
According to VibePay’s research, the majority of Gen Zers intend to make their side hustle full-time in the next six months.
The post-pandemic job market is projected to be choppy at best as businesses rehire workers and try to get back to pre-pandemic levels, but the creator economy might wreak even more havoc.
According to VibePay’s research, 18-23 year-olds are more focused on starting their own business and following their passions than their older counterparts.
67 percent of Gen Z entrepreneurs intend to make their side business their primary source of income, and the UK job market will undoubtedly be reshaped as a result of this entrepreneurial explosion.
Content creators, streamers, e-commerce merchants, and social media moguls all make up the creative economy, which is made up of digital-based business types.
People flocked to the digital world to flee their houses during lockdown, which fueled the growth of these firms.
This economic rewrite includes income redistribution, since one in every eight Gen Z entrepreneurs earns more than £500 per month from their side hustles.
This financial success is most likely the motivating cause behind the shift from traditional jobs to entrepreneurship.
Particularly since the post-pandemic labor market appears to offer relatively little well-paid work for this age group.
Despite the fact that the phrase “creator economy” is still relatively new, the study indicated that more than 50 million people worldwide consider themselves to be part of it.
Although Gen Z is the main force behind the side hustle growth, the study found that over a quarter of UK individuals have a secondary income source through a side business.
Many working individuals have wished to break into the creator economy, as data on how much the largest YouTubers are paid compares to the incomes of steady professions like surgeons.
However, these seemingly simple jobs are just as difficult as traditional entrepreneurship, despite the fact that many of them have been streamlined by the internet and the huge diversity of technology accessible to assist them.
Social media is an important marketing tool. “Brinkwire News in Condensed Form.”