Study Finds Gen Z Riches Come From Social Media

A survey from Credit Karma reveals nearly half of Gen Z are making money on social media, and just as many consider themselves digital side hustlers. The study defines digital side hustlers as people who earn additional income online outside their day jobs. It also shows younger generations favor digital gigs over traditional 9–5 jobs.

Over one-third (36%) of Zoomers turn to earning online because they struggle to find corporate jobs. Highly educated Gen Zers are no strangers to expressing their job-seeking frustrations on social media.

The inability to break through the corporate world has resulted in one-third of them pursuing or considering digital careers, especially social media. Their digital gigs of choice include developing branded content on social media, creating Substack and OnlyFans subscriptions, and selling goods on platforms like Etsy and eBay.

A survey from Intelligent.com, on the other hand, found that Gen Zers struggle to fit into traditional corporate environments even when given the chance. Hiring managers cite a lack of motivation and professionalism and poor communication skills as the top reasons that have led them to fire Gen Z employees soon after hiring them, often within the first year.

Gen Zers seem to thrive in more flexible, non-traditional work environments. 13% of them currently earn income through social media, primarily from content creation (53%), TikTok Shop (41%), and brand deals (33%). Of those, over a quarter do it as a full-time job (26%), and more than half (56%) as a side gig.

Gen Zers report that social media pays off more than traditional jobs, with over half (47%) saying they make more money online than in their 9–5 jobs. In fact, 61% don’t believe their day job pay has kept pace with the cost of living.

The survey found that 13% of young digital side hustlers earn six figures online. Moreover, 59% of the respondents say digital side hustling has enabled them to save money, 24% report being able to build emergency funds, and 23% to pay down debt and travel. Some even say their online earnings have enabled them to invest in their future through investing (21%), buying a home, or saving for retirement (17%).

“Digital side hustles can be a great way for young people to take control of their finances and start making progress toward their financial goals,” Courtney Alev, consumer financial advocate at Credit Karma, said. She states that proper financial management is crucial: “Like with any paycheck, it’s important to allocate a portion of your income towards essentials, like housing costs and groceries, and put the rest towards savings, paying down debt and fun.”