Americans can’t get enough of side hustles — the gigs allowing them to earn extra cash outside of their 9-5 jobs — and young entrepreneurs are especially keen to start their own. These days, 44% of millennials and 48% of Gen Z have a side hustle, according to Bankrate’s Side Hustles Survey.
However, millennial and Gen Z side hustlers are no longer the newest on the scene: Gen Alpha, born between 2010 and 2024, might be between the ages of 1 and 14, but many of them are already taking control of their financial futures.
Related: Move Over Boomers and Millennials — Here’s How Gen Alpha’s Top Entrepreneurs Are Printing Money
A staggering 69% of Gen Alpha say they’ve started or plan to start a side hustle, according to the Acorns Money Matters Report™ for Kids.
Acorns’ report, which surveyed more than 60,000 6-to-14-year-olds and 2,000 of their parents, explores Gen Alpha’s financial planning — and their parents’ own financial concerns.
An “economic powerhouse” with an estimated $11.3 billion spending power, Gen Alpha is getting proactive about their personal finances: They’re planning or starting side hustles to earn additional spending money (58%) or save funds for the future (31%), the report found.
Related: ‘My Schedule Is Mayhem’: Nearly 50% of Parents Now Have Side Hustles, According to a New Survey
“It’s encouraging to see how mindful Gen Alpha already is about financial security,” Acorns CEO Noah Kerner says.
What exactly are these young side hustlers saving for? According to the report, 19% are already saving for college, 24% for their first car, 11% for their first home and 6% for their retirement.
What’s more, Gen Alpha’s parents might be contributing to their children’s money mentalities.
Most kids and teens aged 10 to 14 (63%) hear their parents talk about money often, and among children in that age group who associate stress with money, more than three-quarters of their parents report feeling the same way, Acorns’ research revealed.
Related: ‘It Was Taboo’: Parents Shape Their Children’s Relationship With Money. Here’s How to Set Kids Up for Long-Term Success Instead of Struggle.
Northwestern Mutual vice president and chief portfolio manager Matt Stucky told Entrepreneur that parents can instill strong money management skills in their kids like any other good habit.
“It just takes a lot of repetition — things like saving, investing,” Stucky says. “I’m not going to teach my 4-year-old about investing, but just the idea of if I save a dollar, that means I can spend it down the road on something that I really want. That takes a while to sink in.”
This article is part of our ongoing Young Entrepreneur® series highlighting the stories, challenges and triumphs of being a young business owner.
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