November 15, 2022
Two thirds of professionals under the age of 24 claim to have a ‘side hustle’ – with 74 percent stating it is ‘too risky’ to focus on just having one job as they may have done pre-pandemic. In a poll – of 6,000 white-collar professionals – undertaken by recruitment consultancy Robert Walters; 54 percent of young professionals expressed a desire for a ‘portfolio career’ – the concept of monetising your skills in several ways and having multiple income sources, rather than a single job at one company.
In fact, 53 percent of young workers have stated that flexible hours and a hybrid working environment is a must when looking for a job – otherwise it will impact their side-hustle. According to the survey, it is 18–24-year-olds (Gen Z) who reported feeling twice as anxious as their more experienced colleagues in the past 18 months around job security, pay, relationships at work, and their mental well-being.
When looking into the pay of young professionals, the report suggests that almost a third of 18–24-year-olds are on a salary band of £16 – £21k. With the largest proportion (25 percent) being on salaries of £21 – £28K. For those young professionals that are earning around £28,000 – after tax, national insurance, and student loan repayments – take home can be in the region of £1,800 per month.
The report claims that this cohort of young workers are unable to financially live by themselves – whilst also saving money for the future and investing in a pension for their retirement. The inability for employers to keep increasing salaries in-line with inflation or cost of living means that the young professionals situation is only worsening, leading them to look for additional sources of income.