Chart of the day: Younger generation chooses hustle culture to combat inflation

Gen X and Baby Boomers meanwhile would rather cut down non-essential spending.

This chart from the Endowus Retirement report shows that the younger generation, mainly Gen Z and Millennials, prefer hustling for new income streams, including side income and investing, to combat inflation.

In response to inflationary pressures, a majority of respondents prefer to cut down on non-essential expenses to curb spending (89%) or find ways to increase income streams (81%). 

Millennials are also the least willing (83% compared to the average of 89%) of all age groups to cut down on non-essential spending, with this being the preferred strategy for Gen X and Baby Boomers (93% and 94% respectively).

87% of Gen Zs and Millennials (vs 81% for all respondents) are getting a second job or investing despite recent trends such as ‘quiet quitting’ and blowups in the stock and crypto investing.