Baby Boomers In Gig Economy Make 60% More Than Millennials

Baby boomers working jobs in the gig economy are raking in more money than younger workers, are far less financially stressed and are typically more content with their situation, according to a study recently published by Prudential Financial.

Boomers - those above 56-years-old, make an average of $43,600 a year while working 25 hours a week. This compares to Gen Xers (36-55) at $36,300 per year and Millennials (18-35) at $27,500. The younger generations are also working longer hours per week, with GenX at 30 hours and Millennials clocking in an average of 26 hours weekly. 

The reason behind the variance in income may be because boomers - due to their age - have more hard-to-find skills in fields in which Boomers appear well qualified, compared to younger and less experienced cohorts.

There are other factors making boomers in the gig economy happy:

Boomer gig workers are enjoying not only higher levels of income, but also are more likely to be married,” said Jim Mahaney, vice president of strategic initiatives at Prudential Financial, in an email to AARP.

“This means that not only are they more likely to have access to employer-sponsored benefits, but that they are less likely to be the sole source of income as well. These factors, we believe, lead to higher degrees of satisfaction than younger generations of gig workers.”

Surprisingly, just 32% of boomers are their household's sole source of income, vs 49% of Gen-X and 36% of Millennials, which may be linked to the fact that more boomers are married. While 60% of Boomers are married, just 52% of millennials and 39% of Gen-X have a spouse.

This also ties into the motivation behind gig work.

For Boomers and Gen-X, financial worries and making ends meet are the primary concern (46% and 59% respectively). Meanwhile, 75% of Millennials said their gig work is lifestyle related - a number that is high enough to conclude that most live with their parents. 

Another factor in higher income among boomers in the gig economy is the fact that they have a higher concentration of hard-to-find, or specialty skills in which they are qualified. The survey suggests that construction, installation and repair jobs are more popular among Boomers - fields which have experienced worker shortages. 

Meanwhile, just 19% of boomers say they use online platforms to find work or generate business - as compared with almost half of millennial gig workers. 

So it sounds like getting your hands dirty in a high-demand field while being married is the way to go, meanwhile for those 35 and under, the likelihood of ever exiting the parents' basement grows slimmer by the day. 

Comments

RAT005 IridiumRebel Thu, 07/19/2018 - 00:05 Permalink

Hey they moved the goal line and kicked me out of the boomer crowd.  Well I was probably bringing the average down a little anyway.

Wait a second, they cheated, takes a real boomer to figure this out:

Boomers - those above 56-years-old, make an average of $43,600 a year while working 25 hours a week. This compares to Gen Xers (36-55) at $36,300 per year and Millennials (18-35)

18-35 is 17yrs while 36-55 is 19yrs. And where do the 56 yo go if boomers are above 56? Today, GenX is suppose to go to ~53,54 and for sure bloomers start by at least 55. I wonder if they moved the cutoffs to cook the results?

In reply to by IridiumRebel

CheapBastard Meat Bunny Thu, 07/19/2018 - 00:56 Permalink

Interesting info. I worked > 60 hours/wk from about 32 to 56 y.o...easily that much.

Made more then $46k also but the work was long and hard. Most of the yutes even back then thought working past 5pm was slave labor.

It's really a matter of priorities. However, if the opportunity to work more was there, i took it. I'm a cheap bastard but my vacations were glorious so the work was worth it. In general, my experience shows the yutes of today are worse and don't even want to work when they're at work.

In reply to by Meat Bunny

Skateboarder CheapBastard Thu, 07/19/2018 - 01:13 Permalink

The argument against work ethic is a bit flawed when it comes to salaried work as an engineer or researcher. When you work in a small business, the logic is even more flawed.

Many of my colleagues and I in the medium-size business world generally treat the workday as a "I'll stay as long as I need to for getting whatever I need to get done for the day" kind of business. The law of averages gives you good days when you go home early, and bad days when you start at 4am go home at 3am. Been there, done that.

The small business world, especially when it comes to engineering design services - you put in mad hours. Used to work 12 to 16-hour days five days a week, and 4-5hrs each day on weekends.

Things tend to average out in big business. The 9-5 is definitely a thing.

Maybe I'm biased because I know lots of really smart and excellent young people around 25-35.

In reply to by CheapBastard

NV2018 RAT005 Thu, 07/19/2018 - 03:26 Permalink

As 56 yo until recently I certainly was NOT a boomer.

 

Anyway, we created some big flaws in our society by ever increasing taxes and false propagation of feminism. We don't produce off spring anymore. But hey, we import the Central-Americans (US) and Arabs/ negros (EU) to compensate and everything is going to be just fine. 

In reply to by RAT005

name_the_user IridiumRebel Thu, 07/19/2018 - 04:41 Permalink

Why are these discussions based on age group? Sure on average the "millennials" don't have good work ethic, but the dividing line is not age... its the liberal tendencies which were pushed from above. I'd wager a break down in millennial numbers by political leaning and job/ education type would show quite a bit. Normalize the study to only be in competitive markets (that is, state sponsored indoctrination into communism as a job is not a job) and the data would be eye opening. 

 Any analysis stopping at age bracket is a poor study. Any place you have a bad work ethic, debt ridden womens dance study millenial you also have a failed parent of some variety. Supplying your children with good food, housing, safety, and love IS NOT good parenting. It's a start, and a piece of the puzzle.  Without teaching the important concepts such as sacrifice, personal responsibility, and integrity the parents have failed their children. I know so many people who fit the "stupid millenial" genre and the story is always the same. Parents make a lot of money...give them whatever they want... and never taught them the value of a dollar or the concept of taking care of  and thinking for themselves. Often these parents  are quite conservative, but for some reason fail to pass on what helped define their own success.

 

In reply to by IridiumRebel

Liberty2012 name_the_user Thu, 07/19/2018 - 07:26 Permalink

Yes much was taken for granted and is now being lost.  Complaining about work is standard conversation now.  Work and responsibility used to be a given, a way to show you were an adult. All the virtues that make life work well were ridiculed and were replaced by glorifying grumbling and magnifying feelings.

Responsibility and politeness became rude and crude.  Take care of yourself and help out others became “I got mine.”

 

In reply to by name_the_user

CheapBastard HRH of Aquitaine 2.0 Thu, 07/19/2018 - 01:00 Permalink

I went to a lab recently for a simple check-up blood test and the room was packed with Mexicans. I asked the lab tech where'd they come from and how they can afford the lab tests. She said they get it for free from welfare. "Free" meaning we are paying for this!

Build the wall, cut free shit to these non-citizens like Ron Paul says. They will stop coming.

Even the Muslim Paki down the road at the convenience store is now supporting President Trump. He said he's tired of working hard and paying taxes to support all these illegals. He said trump needs to build the wall to keep them out.

Interesting.

In reply to by HRH of Aquitaine 2.0

slyder wood Pernicious Gol… Thu, 07/19/2018 - 08:53 Permalink

Well known in the SW. If landscapers or a yard sale are in the neighborhood keep your tools locked in shed and don’t leave your garage door open. Another tip if you have nice bicycles you keep in the garage, make sure they’re locked on the rack. They’ll walk in and ride off with them if you keep a garage door open for any length of time. That’s one of their tactics, riding thru neighborhoods looking for open garage doors. BTW, Albuquerque, highest burglary rate in the country. 

In reply to by Pernicious Gol…

Farmerz Mtnrunnr Thu, 07/19/2018 - 10:00 Permalink

I agree, at 56 I see lots of hard working guys in their 20s and 30s, but they are mostly in business for themselves. Tree cutting service, well replacement co. cement business, electricians, solar installers. Getting on at a good paying company, like PG&E here, isn't as easy being white as when I was younger. 

In reply to by Mtnrunnr

Bigly Wed, 07/18/2018 - 23:34 Permalink

Illustration: $90/hr to consult for 6 months. Possible extension or right to hire.

 

Discuss the pro and cons of the gig...

 

canisdirus Bigly Thu, 07/19/2018 - 00:58 Permalink

Probably not worth it if they’re waffling like that. I don’t take side gigs under $100/hr, and only at that for people I really like. It’s just not worth the extra paperwork...

If you’re unemployed, it’s probably worth the risk, but make sure you’re looking for something else the entire time you’re working that contract.

In reply to by Bigly