Gen Zs turn to side hustles and crypto to boost savings

The youngest generation in the workforce is already thinking about retirement savings and expressing concerns about their future retirement income.

- Nandini Sircar

Many are even turning to cryptocurrencies in order to generate more income.

Despite some ease in inflation, the high cost of goods and services worldwide continues to place a significant burden on people, particularly Generation Z, who are increasingly worried about financial stability.

According to a recent report from the BlackRock Read on Retirement survey, 69 per cent of Gen Z are concerned about "outliving their retirement savings." Khaleej Times spoke with a diverse group of expatriates to explore the reasons behind these concerns.

Abdul Malik Ifthikar, a finance student at the University of Wollongong, said: "Inflation has been soaring globally, and even in Dubai, the inflation rate has been steadily rising over the past seven to eight years. Given the intense competition in Dubai, many Gen Z individuals feel that earning money has become increasingly challenging.

As a result, most believe that by the time they retire in their mid50s or 60s, the combination of rising inflation and the struggle to earn will leave them with insufficient savings for retirement.

"Personally, I manage my expenses carefully. Many of the costs we incur today are, quite honestly, unnecessary- whether it's random outings or impulsive purchases here and there." The 20-year-old stressed that managing one's finances wisely is essential from the beginning, and avoiding impulsive or unwise financial decisions is crucial. "Exploring side hustles can also help improve financial stability.