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Millennials work freelance jobs to have more time to focus on what’s important to them. Meanwhile, Gen Xers get into them to make ends meet.
That’s according to a study from Prudential. Sixty-three percent of Gen X gig workers struggle financially, compared to 49 percent of millennials, and 32 percent of baby boomers.
“Gen X gig workers seem to face the most financial wellness challenges, but do not have as much time to shift their career paths and improve their financial lives,” says Jamie Kalamarides, president of Prudential Group Insurance. “These findings are a call to action for advisors, employers and policymakers, who collectively have the ability to help gig workers set up retirement savings plans, acquire adequate insurance coverage, and develop budgets.”
Why Gen Xers are having such a hard time with gig work
First off, “gig work” is any kind of freelance or contract work. The jobs range from your friendly Uber driver to a freelance graphic designer. It’s not uncommon to hear of someone from all different age groups working some kind of gig. But there are some major differences when looking at the reasons why members of each generation decided to work a gig.
For instance, when millennials choose to take on a gig. They view it as providing the flexibility to pursue their long-term goals. On the other hand, Gen X contract workers and boomers tend to start a gig due to circumstances…
