Entrepreneurship is on the rise in New Zealand, especially amongst millennials. The side hustle is becoming common amongst young Kiwi’s with many of them starting their own businesses alongside their full time jobs.
For many millennials, the side hustle is about more than just making some extra cash, it’s also about doing meaningful work. It has been found that in New Zealand more than a third of Kiwi’s have a side hustle. Young Kiwi’s enjoy the opportunity that they get from side hustles to pursue their passions without having to risk their financial stability on a full time business.
For some side hustlers, their side businesses can add up to a significant part of their annual salaries and are helping many people to become more financially stable, to save or buy homes in New Zealand where the cost of housing is on the rise.
The growth of side hustles can be attributed to the rise of easy to use and affordable digital technology and platforms which allow people to sell their products and services. There is a dark side to side hustles however, for many people the side hustle has risen from a need to make more income or to find more stable income due to the increasing casualisation of the workforce.
Many side hustlers have to fit their side incomes around full time work and feel the need to do it because their wages are not growing quickly enough or feel that they need a side hustle because they cannot find anything more than casual or part time employment. The rise of the gig economy for many is a sign of a bad change, making it more difficult for people to get permanent roles and earn the money they need to earn to survive.