A higher proportion of Filipino millennials and Gen Zs are taking on side hustles to make both ends meet compared to their global peers.
Deloitte’s 2023 Gen Z and Millennial survey showed 71 percent of Filipino millennials have taken on either a part- or full-time paying job on top of their primary job.
Those proportions are significantly higher than their global counterparts at 37 percent for millennials and 46 percent of Gen Zs.
Those numbers also represent an increase from the previous survey’s 61 percent and 64 percent, respectively.
When asked why they take on a side gig, 66 percent of millennials and 56 percent of Gen Zs said they need a secondary source of income, while about 40 percent of both generational groups believe their side job helps them develop important skills and relationships.
This need to supplement their paycheck appears to be having a negative impact on these young workers: 66 percent of Filipino millennials (compared to 63 percent last year) and 81 percent of Filipino Gen Zs (compared to 70 percent last year) feel burned out due to the intensity and demands of their workloads.
As with the previous survey , more Filipino millennials (49 percent) and Gen Zs (63 percent) report feeling anxious or stressed all or most of the time compared to their global peers.
More than half of Filipino millennials (58 percent) and Gen Zs (59 percent) admit to living paycheck to paycheck and worry they won’t be able to cover their expenses. Their peers around the world aren’t faring any better: 52 percent of global millennials and 51 percent of global Gen Zs are in the same boat.
“These results reflect the economic uncertainty millennials and Gen Zs find themselves in as the world continues to recover from the global pandemic. And while these young workers are leaning on their resourcefulness to stay afloat, organizations can play a big part in ensuring the financial well-being of their employees. Especially during this period of high inflation, organizations can look at offering flexible benefits such as those relating to health care or commuting costs to ease the impact of soaring prices on workers,” said Eric Landicho, managing partner and chief executive officer of Deloitte Philippines.
The 2023 Gen Z and Millennial Survey solicited the views of 14,483 Gen Zs and 8,373 millennials (22,000 respondents in total) from 44 countries across North America, Latin America, Western Europe, Eastern Europe, the Middle East, Africa, and Asia Pacific. In the Philippines, 321 Gen Zs and 109 millennials were polled (430 respondents in total).
Fieldwork was conducted between November and December 2022. – Irma Isip
