Working one job isn’t always enough. Gen Zers and millennials are taking on side hustles and freelance work.

• Goldman Sachs Asset Management found 80% of Gen Zers have worked outside their primary jobs.
• People across generations said this was because they needed the money or for financial security.
• Not feeling secure can affect financial goals, like homeownership.

Having a job doesn’t always mean you have enough to cover daily living or savings goals.

A July survey of Americans by Goldman Sachs Asset Management and the behavioral economics firm Escalent found over 60% of respondents have worked outside their primary roles, largely because they needed to. Twenty-seven percent of respondents said work covers their expenses, but it’s tough to get ahead.

“Employment remains essential for retirement security, but for many Americans, it is no longer sufficient,” a Goldman Sachs Asset Management retirement report said.

Gen Zers were most likely to say they earn or have earned money outside their primary job; millennials followed closely behind. The report said that’s despite most Gen Z and millennial workers reporting their jobs provide financial stability.

“Younger workers may feel stable in their main jobs while still seeing extra work as necessary,” the report said.

Throughout the generations, a majority said they’re doing gig or side work out of necessity or for financial security.

“The traditional full-time job may no longer be carrying the full weight of financial security,” the report said. “For many, supplementing income appears to have become part of the baseline.”

Some Americans are living paycheck to paycheck or adjusting their budgets to cope with rising gas prices and other everyday expenses. It can be hard to get ahead when wage growth has been consistently falling short of inflation, and it’s tough to find a new job to try to earn more money.

Not feeling financially secure can lead to putting off savings goals. Eighty-three percent of Gen Z and 78% of millennials said they put major financial goals on hold. Forty-one percent of millennials have delayed emergency savings despite being employed, and 30% said they delayed housing or homebuying goals. For Gen Zers, the shares were 35% and 34%, respectively.

While some people may be working a part-time side job, others are “overemployed” and working multiple full-time jobs. One millennial has worked five full-time remote IT jobs, earning over $700,000 annually. As Business Insider’s Jacob Zinkula reported, overemployed people use their extra earnings for different reasons, such as retiring early or paying down debt.

Having multiple income streams can also be considered a “portfolio career,” where people piece together different kinds of work, such as writing a newsletter, doing a side gig, and holding an office job. It can be one way to try “stability stacking” to feel more secure about your career if, for example, you were laid off and lost an income stream.

“When you decentralize everything from one 9-to-5 and build a portfolio career, you protect yourself from the emotional and financial shock if and when business needs change at your 9-to-5,” said career coach Janel Abrahami in a TikTok video.

And sometimes, working a side gig can become a complete career pivot. Harlan Rappaport, in his 20s, turned his email marketing side hustle into a full-time career after working as an investment analyst at a financial institution.

“I used to get really excited about the numbers, but over the last couple of years, I realized it’s more about the freedom I’ve had in my life over the last couple of years as a freelancer,” Rappaport said in an as-told-to essay. “I don’t miss family events, can travel when I want, and can work from anywhere in the world.”