Welcome to the age of side hustling. These days, it’s more than just a means to follow a passion or learn new skills. It’s a necessity. With financial worries mounting, nearly half of Gen Z has taken up side gigs.

A whopping 46% of Gen Zs have got themselves a full- or part-time gig on top of their main jobs, according to a new survey by Deloitte. And it’s not just Gen Z. Millennials aren’t far behind, sitting at 37%.

This global snapshot of young hustlers was captured in Deloitte’s 2023 Gen Z and Millennial Survey, with a staggering 14,483 Gen Zs and 8,373 millennials, from 44 countries, weighing in.

And it seems the hustle culture is on the rise. Compared to last year, 3% more of Gen Z and 4% more millennials are juggling secondary jobs.

“Gen Zs and Millennials are picking up side gigs as they struggle to keep their heads above water,” Michele Parmelee, global people and purpose leader at Deloitte, told CNBC Make It.

A variety of gigs have gained popularity – selling products or services online, food delivery, ride-hailing, or even becoming an influencer. For many, the hustle isn’t just about the money. It’s also a way to monetize their hobbies, unplug from the daily grind, expand their network, and in some cases, pick up new skills for a career pivot.

About a quarter of Gen Zs and millennials take up side jobs to learn and network, with nearly as many using it as a hobby or to switch off.

But let’s be real. The money matters. For 38% of Gen Z and 46% of millennials, financial concerns are the primary driver for picking up another job.

The survey’s data underscores a growing issue – the cost of living. It’s the top worry for millennials and Gen Z, with over half living paycheck-to-paycheck, a 5% uptick from the previous year.

With inflation rates stubbornly high – hitting 4.9% annually in the U.S. and a massive 10.1% in the U.K. – young folks are feeling the squeeze. Side jobs are a way to soften the blow, but it’s not the only strategy. Delaying milestones like home ownership and starting families, and opting for secondhand items are also part of the game plan.

“Economic worries are putting a damper on Gen Zs’ and millennials’ future planning, causing them to push back major life decisions,” Parmelee said.

Despite the storm clouds, there’s a glimmer of hope. 44% of Gen Z and 35% of millennials believe they’re heading for a financial upturn soon.