Forget climbing the ladder. Today’s young professionals are building their own platforms for the financial freedom.
By Kimberly Wilson
(Source: Essence)
Carissa Ferguson graduated college a year ago, and she’s already juggling five different ways to make money. She does voiceovers, she writes copies and she creates content. She’s also performed in musical theatre productions, including a recent run as Mrs. Corry in Mary Poppins. Oh, and she’s pulled in over $144,000 on Fiverr alone.
This is what financial survival looks like for Gen Z. Her story is one of many in total’s brutal economy.
“Having multiple income streams means I never have to turn down an acting or creative opportunity because I’m worried about paying rent,” Ferguson says. “I can pack up my laptop and keep my revenue streams running from anywhere. That’s freedom most traditional employees will never experience.”
She’s not alone in thinking this way. According to a new survey from Fiverr that polled over 12,000 Gen Z and Gen Alpha respondents globally, 67% saying that having multiple income streams is essential for financial security. And this isn’t just helpful or nice to have. It’s essential.
The survey calls it “single-paycheck panic,” and can you think of something more fitting when most Americans are living paycheck to paycheck? Forty-six percent of Gen Z say their biggest fear of career is not making enough money to live comfortably, and in the wake of mass layoffs and a federal government shutdown, I’m surprised it’s not more. A decade ago, if someone else had asked me this question, it may have been not failing at their dream job or not getting fired. Now, gen-z is afraid of not having enough to get by. When you’re watching rent prices spiral and student loan payments loom while your social media feed shows everyone else seemingly thriving, one paycheck starts to feel dangerously fragile.
So, they’re opting out of the traditional path entirely. Fifty-six percent think traditional employment will become obsolete.
“Gen Z isn’t rejecting work, they’re redefining it,” says Michelle Baltrusitis, Associate Director of Community & Social Impact at Fiverr. “Faced with economic uncertainty, Gen Z is experiencing what we’re calling ‘single-paycheck panic’—they’re diversifying income streams because relying on one job feels too risky. Instead of waiting for stability, they’re betting on themselves by embracing freelancing and building financial resilience as the smarter path forward.”
The shift goes beyond just side hustle. Thirty-eight percent are already freelancing or planning to, and they’re leaning into AI to make it work, such as using it to brainstorm, generate content and polish creative projects.
Gen Alpha, the 13-to-15-year-olds coming up behind them, are even more sold on this model. Thirty-one percent already want to freelance, and they’re eyeing visual arts, AI, social media management, and influencer marketing. Not law or corporate finance-like back in the day.
The ladder isn’t just broken for younger generations. They’re building something else entirely, betting that a portfolio of income streams will hold them steadier than any single corporate job ever could. Whether that bet pays off remains to be seen, but they’ve already decided they can’t afford to wait and find out.