Millennials And Gen Z Are Beginning To Reject Full-Time Work Opting To Freelance And Create Passive Income Instead

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The lasting effects of the pandemic will be felt for years, but the way it’s going to effect the job market is much different than most could have anticipated. With the uncertainty and job loss during the first 6 months of Covid, one might have assumed people would be clinging to any kind of full-time employment they could find when the country finally started to return to normal. Such is not the case. At least for Millennials and Gen-Z.

A study by new professional social network Polywork reveals that over half of 21-to 40-year-olds (55% to be exact) say an ‘exciting’ professional life — one that gives them freedom to pick and choose how they spend their time — is more important to them than money. And only 35% will stick with a single job for life now.

Being isolated from people for almost a year has changed peoples perspectives. While some had massive anxiety from not knowing how they would live without a job, a lot of Millennials and Gen-z are embracing the freedom that Covid brought them. Maybe Tom Hardy was right when he said, “Being alone for a while is dangerous. It’s addicting. Once you see how peaceful it is, you don’t want to deal with people anymore.

Here Are Some Key Findings From Polywork’s Survery

  • Over half of 21 to 40 year-olds want a more exciting professional life
  • Nearly half admit that they would not do one single type of work for life anymore
  • Over 70 per cent say pandemic has accelerated ‘multiple job’ trend
  • Most common types of polywork are investing, beta testing of products, mentoring and public speaking
  • Te majority of 21-to 40-year-old professionals (81%) say the pandemic changed their attitude towards work forever.

According to Peter Johnston, the founder of Polywork:

“The data from our community shows that there will no longer be such thing as as single job for life, and that people are rejecting the single job titles that have been bestowed upon them for the last 10 years, in favor of representing all the different types of things they do, and working in multiple ways at once on their own terms.”

The gig economy is on fire and if people can find ways to make six-figures and enjoy their lives, all without ever having to report to a single boss, why wouldn’t they?

Most Popular Types of “Exciting” Work Millennials And Gen-Z Are Choosing

1. Beta testing new products
2. Mentoring
3. Speaking at Events/on Podcasts
4. Writing
5. Advising companies
6. Content Creation
7. Live Streaming
8. Guest lecturing
9. Activism
10. Investing

The data also indicates that “polyworking” (which is what Polywork is calling it – cute!) is most prevalent in the software engineering, design, music, and fashion industries.

To reiterate what Tom Hardy said, the pandemic has initiated a shift in people’s mindset and the youth culture is rethinking how they want to interact with the world — especially as it pertains to their employment.

If you’re looking to eschew full-time work and enter the gig economy, here are a few options that can make you up to $5,000 per month.

*To conduct the study Polywork asked over 1,000 US professionals about how they work and their attitudes towards modern working.

Author
C. James

C. James is the managing editor at Wealth Gang. He has a degree in finance and a passion for creating passive income streams and wealth management.

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