SAN FRANCISCO, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Collective, the first all-in-one online back-office platform for solopreneurs, today announced the results of its Unconventional Jobs Survey, revealing stark generational differences in the way workers define the highs - and prepare for the lows - of their careers.
GenZ and younger Millennial (aged 18-34) Americans are nearly twice as likely (59%) as older (aged 35+) workers (30%) to have a backup plan for employment in case of layoffs. They are already going or planning to go freelance more than twice as often (64% under 35 vs. 31% 35+) and 38% of 18–34-year-olds define a successful career as one where they have enough money to support their lifestyle but never work 40+ hours a week.
Under 35s have a career backup plan
- 59% of US adults aged 18-34 have a backup plan in case of layoffs, compared to only 30% of older US adults (aged 35+).
- 20% of US adults aged 18-34 have a hobby, side hustle, or freelance work that they would turn into a career, compared to only 12% of older adults (aged 35+).
- 19% of US adults aged 18-34 are actively saving in case of layoffs, compared to only 13% of older adults (aged 35+).
For under 35s, “making it” means no 40+ hour weeks
- The top sign of having “made it” in their careers for US adults aged 18-34 (38%) is when they have enough money to support their lifestyles but never have to work 40+ hour weeks.
- 44% of those 35+ said that having enough money to retire would be the sign they had made it in their career.
Under 35s 2x more likely to freelance
- 38% of 18–34-year-olds already participate in freelance work, compared to 16% of those aged 35+.
- 26% of 18–34-year-olds don’t yet freelance but expect to at some point in their careers, compared to only 15% of those aged 35+.
- Only 22% of 18-34-year-olds said they wouldn’t consider full-time freelance work under any circumstances, compared to 46% of those aged 35+.
In a separate survey of 105 current freelancers, Collective found that 88% reported improved mental health since leaving full-time W-2 employment and striking out on their own - and 60% said they were financially just as well off, or better, as when they worked for an employer.
“Younger workers have a backup plan because they can: AI and online platforms are driving an entrepreneurship boom and empowering a self-employed person to accomplish more than ever before while improving work-life balance and mental health,” said Hooman Radfar, CEO and co-founder of Collective. “They no longer have to rely on companies to give them security if they don’t want to– the next generation can bet on itself.”
As the workforce increasingly turns to self-employment, tools and technology to support that workforce will adapt. Collective raised $50 million in strategic funding earlier this year to support the expansion of its AI tools. To learn more, visit collective.com.
Methodology
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1221 adults. Fieldwork was undertaken between 4th - 6th August 2023. The survey was carried out online. The figures have been weighted and are representative of all US adults (aged 18+).
About Collective
Collective is the first online back office platform designed for businesses-of-one. Collective’s AI technology and team of trusted advisors gives its members the freedom to focus on what matters by taking care of everything from business incorporation to accounting, bookkeeping, tax services and access to a thriving community – all in one platform. Collective wants running your own business to be as seamless as taking a full-time job. The company is run by a group of serial entrepreneurs and businesses-of-one who believe in empowering self-employed people to enjoy the same tax savings that big companies get. It’s a San Francisco-based startup backed by General Catalyst, QED, Google’s Gradient Ventures, Expa, and prominent investors who have financed and built iconic companies like YouTube, Substack, Twitch, Box, Instacart, Lyft, and more.
Website: https://www.collective.com/
Contact
Kristina Leal
Firebrand Communications for Collective
collective@firebrand.marketing
415-848-9175
