Is a Side Hustle the Key to Solving Boomer and Gen X Financial Struggles in 2025?
Is Starting a Side Gig the Solution to Fix Boomer and Gen X Money Woes in 2025?
Source: GOBankingRates
Overview of the Financial Situation
Personal finance issues affect Americans of all ages, prompting many to seek extra income through side gigs. The freelance economy is seeing significant participation from both Gen X and Baby Boomers.
Current Trends
- 27% of Gen X and 9% of Baby Boomers are participating in freelance work.
- By 2027, it's projected that over 50% of the U.S. workforce will be involved in the gig economy.
Why Are Boomers and Gen X Seeking Side Gigs?
Several factors motivate older generations to pursue side hustles:
- Financial Need: 89% seek extra income.
- Flexibility: 87% desire a flexible work schedule.
- Debt Levels: Older generations are carrying more debt compared to previous generations at their age.
The Growth of the Gig Economy for Ages 50+
The gig economy thrives among those aged 50 and above, with 3.8% of the global online gig workforce consisting of this demographic.
Earnings Potential
- Workers over 50 can earn an additional $12,000 to $15,000 annually through various gigs.
- The top-earning states bring gig workers an average of $460 to $825 per month.
How to Begin a Side Gig If You’re Over 50
Those interested in starting a side hustle should leverage their existing skills:
- Create social media content or infographics for businesses.
- Offer pet sitting or house sitting services.
- Provide virtual assistant services, with the potential to earn over $100,000 a year.
- Deliver consulting services based on your expertise.
The Bottom Line
While a side gig in 2025 may not resolve all financial issues, it can significantly aid in managing debt and increasing savings. Successful side hustles require effective planning and time management. Find an opportunity that aligns with your skills and interests to enhance your financial well-being.
