\n<\/p>\n
Americans can’t get enough of side hustles<\/a> \u2014 the gigs allowing them to earn extra cash outside of their 9-5 jobs \u2014 and young entrepreneurs<\/a> are especially keen to start their own. These days, 44% of millennials and 48% of Gen Z have a side hustle, according to Bankrate’s Side Hustles Survey<\/a>.<\/p>\n However, millennial and Gen Z side hustlers<\/a> are no longer the newest on the scene: Gen Alpha, born between 2010 and 2024, might be between the ages of 1 and 14, but many of them are already taking control of their financial futures.<\/p>\n Related: Move Over Boomers and Millennials \u2014 Here’s How Gen Alpha’s Top Entrepreneurs Are Printing Money<\/a><\/b><\/p>\n A staggering 69% of Gen Alpha say they’ve started or plan to start a side hustle, according to the Acorns Money Matters Report\u2122 for Kids<\/a>.<\/p>\n Acorns’ report, which surveyed more than 60,000 6-to-14-year-olds and 2,000 of their parents, explores Gen Alpha<\/a>‘s financial planning \u2014 and their parents’ own financial concerns.<\/p>\n An “economic powerhouse” with an estimated $11.3 billion spending power, Gen Alpha is getting proactive about their personal finances: They’re planning or starting side hustles<\/a> to earn additional spending money (58%) or save funds for the future (31%), the report found.<\/p>\n Related: ‘My Schedule Is Mayhem’: Nearly 50% of Parents Now Have Side Hustles, According to a New Survey<\/a><\/b><\/p>\n “It’s encouraging to see how mindful Gen Alpha already is about financial security<\/a>,” Acorns CEO Noah Kerner says.<\/p>\n What exactly are these young side hustlers saving for? According to the report, 19% are already saving for college, 24% for their first car, 11% for their first home and 6% for their retirement<\/a>.<\/p>\n What’s more, Gen Alpha’s parents might be contributing to their children’s money mentalities.<\/p>\n Most kids and teens aged 10 to 14 (63%) hear their parents talk about money<\/a> often, and among children in that age group who associate stress with money, more than three-quarters of their parents report feeling the same way, Acorns’ research revealed.<\/p>\n Related: ‘It Was Taboo’: Parents Shape Their Children’s Relationship With Money. Here’s How to Set Kids Up for Long-Term Success Instead of Struggle.<\/a><\/b><\/p>\n Northwestern Mutual vice president and chief portfolio manager Matt Stucky told Entrepreneur <\/i>that parents can instill strong money management skills<\/a> in their kids like any other good habit.<\/p>\n “It just takes a lot of repetition \u2014 things like saving, investing<\/a>,” Stucky says. “I’m not going to teach my 4-year-old about investing, but just the idea of if I save a dollar, that means I can spend it down the road on something that I really want. That takes a while to sink in.”<\/p>\n This article is part of our ongoing Young Entrepreneur\u00ae series highlighting the stories, challenges and triumphs of being a<\/i> young business owner.<\/i><\/p>\n<\/p><\/div>\n