Gen-Zers are job-hopping their way to financial security. Nearly one-third of Gen-Z workers changed jobs last year, according to a new report from H&R Block. Of these job-hoppers, 35 percent made the move in order to secure a pay increase.
The report, which analyzes tax return data dating back to 1999 along with more than 7,800 survey responses, shows this strategy is working. Out of all generations, Gen-Z—who made 30 percent more in 2023 than in 2022—saw the “largest relative increase in earnings” last year. Two-thirds of Gen-Z workers expect to earn more in 2024.
Gen-Zers are also using side hustles to supplement their incomes and investing in crypto and gold to grow their savings, according to the report. “Gen-Z is more innovative—and financially savvy—than older Americans expect,” the report says.
“They’re finding that they don’t have to stick to the traditional 9-to-5 schedule to achieve financial stability—and as a result, we’re seeing much more variety and drive in the Gen-Z workforce,” Latasha Randle, strategy and small-business program manager at H&R Block, said over email.
Most Gen-Zers prefer to work for a large company, the report says. But of the 29 percent who want to be their own boss, 59 percent want to open a small business, 22 percent want to become an influencer, and 14 percent want to work as an artist.
Young workers “see traditional employment as limiting, so they seek work that aligns with their values, interest, and social desires,” Randle said, adding that this often leads them to pursue side hustles and passion projects.
Remote work and online platforms have made this easier than ever. Gen-Zers are taking advantage: Twenty-four percent work for a food or delivery app, per the report. Other popular side hustles include answering surveys, testing products, and selling products on online platforms like eBay.
Feeling Appreciated
Studies have also shown that what causes Gen Z, or employees in general, to stay put longer has to do with feeling appreciated. That include praise, when praise is due, but also being asked their opinion when implementing a new procedure.
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