Thread by @bopinion

Covid couldn’t have come at a worse time for Gen Z. They’re either:

📃In the crucial exam years of their education
💼Taking those first steps into the working world

Either way, they appear to be stuffed bloom.bg/3dSuNfC

Research suggests that those unlucky enough to start careers in a recession see:

🎓Lower earnings for 10 to 15 years after graduation
💔Higher divorce rates
⚰️Shorter lifespans bloom.bg/3dSuNfC

In the U.S., a 3.9 percentage point increase in the unemployment rate at job market entry has been found to decrease life expectancy by about 6 to 9 months.

For the Class of 2020, that could translate into a shortened life span of 1 to 1.5 years bloom.bg/3dSuNfC

In this depressing economic outlook, there are clear echoes of the world that millennials found themselves graduating into after the 2008 financial crisis, which has had lasting effects on their careers and well-being.

But is there a case for optimism? bloom.bg/3dSuNfC

Unlike the Great Recession, the Covid-19 downturn appears to have unleashed a wave of entrepreneurialism.

Many new businesses are aimed at creating opportunities in the dislocation caused by Covid -- there's been a boom in online retailers, for example bloom.bg/3dSuNfC

Home-bound students haven’t necessarily been starting their own companies, but Gen Z does have an entrepreneurial streak that intensified with the pandemic.

One survey found that 53% of Gen Z expect to be running their own companies — up from 46% in 2019 bloom.bg/3dSuNfC

This is clear in the obsession with the side hustle. TikTok is full of Gen Z-ers explaining how they earn money through various side projects, whether it’s:

💍Selling customized clothing
📑Offering business services such as copy writing or bookkeeping bloom.bg/3dSuNfC

A U.S. survey last year found that in the combined millennial-Gen Z workforce, 47% had done freelance work in the past year.

Of millennial and Gen Z freelancers, respectively 44% and 36% had started during the pandemic bloom.bg/3dSuNfC

Gen Z aren’t strangers to economic disruption. This might feed into hustle culture:

“They've grown up in a context where disruption is the norm and so the idea of hedging your bets and trying a lot of different things is not so alien,” says @dorieclark bloom.bg/3dSuNfC

New online marketplaces such as Etsy, Depop and Fiverr are making selling goods and finding freelance work easier and cheaper than ever — especially for young digital natives

Could this trend help lift the Classes of 2020 and 2021 out of the recession? bloom.bg/3dSuNfC

Not all side hustles will flourish into full-time employment, but they can provide:

🛡Added security
💵Extra cash
💻A chance to learn new skills to help them in their future careers
🎨An outlet for creativity
✨A sense of purpose in lockdowns bloom.bg/3dSuNfC

The kids are undoubtedly getting a rough start, and many will need a lot of support to catch up on educational shortfalls and make up for lost opportunities.

But Gen Z aren’t going to let Covid-19 rip their future out of their hands bloom.bg/3dSuNfC