Gen Z Sees Freelancing As a Viable Career Choice Amid Layoffs, Survey Finds

Gen Z, having witnessed the impact of corporate layoffs, is increasingly seeing freelancing as a legitimate career option, according to a new Fiverr poll. This trend is not limited to a single age group; it anticipates a future in which self-employment is a key element of the global workforce.

Freelancing trends among Gen Z

Here are some key findings about Gen Z and freelancing for the years ahead:

- Nearly 70% of all Gen Z participants either freelance now or plan to in the future.

- About 40% of Gen Z freelancers are either currently working full-time or are open to it, while 30% prefer part-time freelancing.

- Approximately 12% of Gen Z freelancers use freelancing between jobs or to gain experience and skills.

For Gen Z, comfort and financial stability are paramount

- 44% of Gen Z respondents worldwide aspire to financial comfort as part of their career goals, with nearly 20% aiming for early retirement.

- A quarter of Gen Zers have dreams of owning their own businesses while 14% envision a lifelong career in freelancing.

- Nearly 30% desire a work lifestyle that allows them to travel and work from anywhere.

Over 70% of Gen Z respondents in US are more serious about freelancing

- 10% reported being laid off, and another 14% expressed fear of potential layoffs.

- Close to 25% now view freelancing as more stable than a traditional full-time job.

- Around 18% believe that freelancing makes them less vulnerable to being replaced by artificial intelligence, thus, offering some immunity to AI-driven job displacement.

The survey stresses the increasing popularity of freelancing for stability: 38% of respondents in the United States believe it protects them from layoffs, while 25% see it as a more stable choice than traditional jobs. This impression, paired with Gen Z's inclination for flexibility and independence, is supporting the increased interest in freelancing. Significantly, more than 70% of US Gen Z respondents are considering freelancing, up from just last year.

This trend is not limited to a single country. The report shows global growth in freelancing, with a 3% increase in the number of Gen Z respondents planning to freelance over the previous year. This implies a potential shift in how people see and approach work, with individuals demanding more autonomy and control over their lives and income. 

Why governments should embrace freelancing

Governments worldwide should acknowledge and embrace the growing trend of freelancing instead of trying to suppress it. Here's why:

1. Economic adaptability: Freelancing creates a more flexible and resilient workforce that can respond to shifting economic situations. This is especially critical given the quick rate of technology innovation and changing market demands.

2. Innovation and entrepreneurship: A healthy freelancing environment fosters innovation and entrepreneurship by bringing together people with varied abilities to work on project-based teams. This partnership frequently results in the establishment of new firms and the development of creative ideas.

3. Tax revenue and economic growth: While there may be worries about tax revenue relative to traditional employment models, a well-regulated freelancing market can nonetheless make a major economic contribution. Freelancers often pay various taxes, and their work indirectly contributes to economic growth by generating demand for a variety of services and products.

Embracing the freelancing trend

Freelancing's growing popularity, particularly in times of job uncertainty, presents a unique opportunity for both individuals and governments. By embracing this trend and creating a supportive atmosphere for self-employed workers, countries can set themselves up for success in an ever-changing and interconnected world.