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Recently a news report has been making the rounds about how baby boomers are the generation making the most as workers of the gig economy. However, the report was based entirely on one company’s workers. Therefore, I got curious and wanted to dig deeper into this.

Are Baby Boomers Doing Best in the Gig Economy?

The Mercury News was just one of many sources that shared the news recently that baby boomers are thriving in the gig economy. Based on this report, baby boomers:

Took the most gigs
Earned the highest ratings from customers
Tend to do more of the physical labor jobs rather than admin work
Made the most money, out-earning millennials by $200+ monthly

The information comes from Wonolo, a company that gig workers can use to find jobs. The report revealed that workers range in age from 18 – 80+.

Why Baby Boomers May Thrive as Gig Economy Workers

If it’s true that baby boomers are the generation thriving most in the gig economy, then what’s causing that? There could be a any number of reasons.

First of all, if you’re Baby Boomer age and looking for work then perhaps you’re very motivated. Maybe you lost your job recently and find it hard to get new traditional work because of persistent ageism. Or perhaps you’re struggling as you support both your adult children and your elderly parents, so you have to take on extra gigs. Either way, you’re motivated to work a lot and earn as much as possible.

However, there could be more to it than that. Some suggestions in The Mercury News article include:

Maturity leads to a stronger work ethic and willingness to put in the effort
Experience means that you’re able to do the work effectively and efficiently
Baby boomers as a whole may be more reliable workers
After working other jobs for years, they find the work particularly enjoyable, so they put in the effort
With more experience, they may be able to command higher prices even in the gig economy

Are More Millennials Working in the Gig Economy?

The recent report indicates that Baby Boomers are doing better than other generations in the gig economy. However, that doesn’t necessarily mean that they make up a majority of the side hustle workforce. CBS News reports that nearly half of all working millennials have engaged in gig work for extra income. In contrast, less than 40% of Gen X and barely more than one quarter of Baby Boomers have taken gigs.

Gig Economy Differences Between the Generations

Members of Gen Z, Gen X, Millennials, and Baby Boomers are participate in the gig economy. Therefore, the question might not be who is doing the work but rather what’s the difference between their experiences. Fortune reports on twokey findings:

Baby Boomers often take gig jobs for better work-family balance. In contrast, younger generations seek to make more money with gigs as a “second job.”
Baby Boomers are most affected by, and worried about, the lack of benefits that come with working in the gig economy.

Deloitte Insights adds some additional information:

Millennials in the gig economy often rely on others (such as parents) to help pay some of their expenses. Those who choose the gig economy over a traditional job (instead of in addition to it as a side income) make less than their full-time employed peers.
Whereas Baby Boomers tend to get physical gig jobs, millennials often get jobs in admin and the arts. That said, maintenance is also high on the millennial gig list.

It’s also important to recognize that there are many different types of gig work. Some people participate mostly in the sharing economy (driving for Lyft, for example). In contrast, others take contract work in offices or do freelance jobs. The generations may vary in their job choices as well as their reasons for joining the gig economy.

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Kathyrn Vercillo

Kathryn Vercillo is a professional writer with more than a decade of experience writing about healthy living and personal finance. She lives in San Francisco, where she has learned to maximize frugal living tips in order to thrive as a freelancer in one of the nation’s most expensive cities. When she’s not writing, she’s exploring the city on foot with her rescue dog. Learn more about her at www.kathrynvercillo.com.
Kathryn also writes about saving money with coupons over at GroceryCouponGuide.com

Work-Family Balance and Quality of Life

One 2002 study found that people who spend more time on family than work report having a higher quality of life than those others. People who spent about equal time on family and work had a higher life quality than people who spent more time on work than family. Therefore, the perfect work-family balance may be one that leans more heavily on the family side than the work side.

Women and the Struggle with Work-Family Balance

Women, particularly mothers, have struggled significantly with the work-family balance issue. Research shows that 7 out of 10 women with children under 18 also work for pay. However, they earn less than their male counterparts. Plus, they often don’t return to full-time work quickly after the birth of children. One study found that it takes over a decade for the number of women to return to full-time work as the number who were working full-time within one year prior to the birth of their first child.

About 2/5 of mothers wait until their children are older to resume full-time work. Another 1/5 never resume full-time work. This impacts women and their families in a number of ways. In terms of career, many women struggle to get back on track in terms of professional status. We’ve all heard about the lawyers who get put on the “mommy track” and struggle to make partner at a firm after having kids. Recently new information shows that mothers who are scientists have a hard time getting grants and publications in comparison to their single and/or male counterparts.

This Issue Impact All Types of Families

Although women have been uniquely impacted by the work-family balance, it’s an issue that affects all different configurations of family. In the two-parent “mom and dad” family, both partners often struggle with the financial impact of trying to achieve work-family balance. Men increasingly give more time to family than they historically did. That’s a great thing for many reasons. However, it also means that dads are feeling more of the stress in the struggle to achieve work-family balance. The two parents may fight frequently over finances, as well as over division of labor at home.

Single parents, same-sex parents, and people in other family configurations (multi-generational, polyamorous, etc.) also have to grapple with this issue. Who will work? How much will each person work? What adaptations and sacrifices will the family have to make in order for one or more parents to not only earn money but also do a job that they enjoy? All types of families have to answer these questions. There is no right answer and no easy answer. Most people just do the best that they can and adapt as their financial, employment, and family situations change.

Communication is Key

Each individual, and each family, must figure out what works for them. There are many different ways to earn a living. How much money one needs varies widely. People must look at what they are willing to sacrifice in terms of family time in order to work at a certain job. They must look at what they are willing to sacrifice career-wise in order to have more family time. In order to figure this out, people must learn to communicate.

It’s not easy to talk about money. Financial stress makes it even more challenging in families. However, learning how to communicate openly, authentically, and honestly about your work-family balance needs will go a long way towards achieving the right balance in your family.