Side hustles are short-term and less structured employment opportunities that provide time flexibility. The rise of the side hustle has brought about a sense of purpose and fulfilment that one may not be able to get from structured employment. While the phrase “side hustle” is known as a millennial term boomers are dominating the flexible work market and creating multiple streams of income. Boomers are getting paid more when it comes to side hustles because of their wealth experience, good negotiation skills and high quality of work.
A survey carried out on Wonolo shows that boomers are leading in the side hustle economy compared to millennials. The average boomer on Wonlo makes about USD $573 in additional income while Millenials make between USD $450-$501 (up to 25% less). Compared to millennials, 31% of the boomers on the platform complete more than 3 gigs per week taking by completing flexible work in general labour, warehousing and administrative jobs.
Millennials tend to partake in side hustle opportunities like carshare driving, content creation on social media and content creation on the most accessible of all platforms, Youtube. Millennials entered the economy during a recession and their awareness that people get laid off every now and again has encouraged many to seek more than one source of income. As more and more Canadians reach retirement age, the ability to lend their wisdom to the economy will improve their ability to supplement their income(s) with flexible work.
BoomersPlus provides boomers with an opportunity to earn income serving in senior-level roles and act as a mentor or coach employees at various organizations. Canada has an ageing population of over 6 million who are living longer. There is a lot that the labour market can gain from keeping boomers at work.
Considerable explains further that boomers love side hustles as they create multiple sources of income and allow them to not have to rely on one job. These short term contract work opportunities give boomers the right flexibility to create and achieve work-life balance.