Why so many millennials have a side hustle

2 min read

We’ll give you a hint - it’s more than some extra cash according to our Honcho clients.

Back in 2016, the Deloitte Millennial Survey revealed that 66% of millennials were expected to leave their job by 2020. These surprising findings left the rest of the world asking: why are so many millennials jumping ship?

 

The global survey indicated that millennials had a desire to grow new skills but lacked purpose in their current positions. Now two years later, the 2018 survey results explicitly show that millennials are disconnected and have no loyalty for corporations.

 

This lack of purpose is also evident in our own backyard. 46% of Australians no longer feeling challenged in their current job according to 2017 side hustle report from nbn™.

 

So how are Australians reigniting a sense of challenge, passion and excitement?

 

The side hustle! In fact 76% of Australians wanting to start one of their own.

 

We asked some of our Honcho clients to shed some light about why they started their side hustle.

 

“Because it’s the one thing in life I have always gone back to. One thing in my life that has stayed constant”

- Salma A

 

“[It’s the ultimate] challenge for me to live a life being my own boss”

- Bob K

 

“Doing what I love and earning money from it”

- Dang H.H.

 

“Freedom and responsibility of working towards our own company”

- Daniel R

 

Starting your own side hustle can actually bring more fulfillment to your day job. Not only will it provide a new perspective, it’s an effective environment to foster learning. It’s an opportunity to grasp the ins and outs of running a business and the different departments that contribute to daily operations including marketing, product development and finance.

 

In his paper On the Psychology of Passion (2007), Dr Robert Vallerand points out the value of frequently connecting with our passions. These self-defining activities will start to shape our identity and bring a new sense of groundedness and energy into other areas of our life.

 

Ready to get the ball rolling? Start by reading our top six tips about balancing a 9am-5pm with your new side hustle.

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