- A quarter (23 per cent) of those aged 18-34 are actively generating income from their outside-of-work interests – of which they hold an average of four
- Four in ten (40 per cent) of those aged under 35 expect their jobs to provide ‘a sense of fulfilment’, leading them to move jobs much more frequently than those over 35
- The ‘Slashie’ lifestyle is no mean feat, however, with exploring interests and turning them into a career taking up to 20 additional hours each week outside of the day job for some (5 per cent)
- Technology - such as contactless, which celebrates its 10th anniversary this year – has been a key enabler for those wanting to combine work with paid pleasure
New research from Barclaycard, commissioned to coincide with its new ‘Pay Your Way’ marketing campaign, finds that the next generation are refusing to be defined by their day job or domestic obligations and are increasingly turning to monetising their hobbies for a better work/life balance.
Mirroring the use of ‘slashes’ on social media to define their lifestyles, 18 to 35 year olds are using a wide array of technology to live multi-talented, multi-skilled, hyper-busy lifestyles that no longer revolve around a single nine-to-five job.
The research by Barclaycard finds that they are instead combining their primary source of income with multiple passion points and interests, and are increasingly turning those into an income stream to combine doing something that they love and enjoy with a way of paying the bills.
Brits have an average three hobbies outside of work but it’s the younger generation that are making them pay. A quarter (23 per cent) of those aged 18-34 are actively generating income from their interests and turning them into supplementary incomes, compared to just one in ten (12 per cent) of those aged 35 and over.
Technology (cited by 17 per cent), increasingly-common flexible working practices in the workplace (27 per cent) and the prevalence of social media (31 per cent) are enablers to the younger generation combining work with paid pleasure.
A greater desire amongst those aged under 35 for work to give them ‘a sense of fulfilment’ is one of the main reasons they cite for pursuing non-traditional income sources. Four in ten (40 per cent) in that age bracket said that they expect their jobs to provide it, compared to one in three (31 per cent) of those aged 35-64. Consequently, over a quarter of those aged 18-34 (28 per cent) expect to change jobs every two to three years, compared to just a tenth (9 per cent) of those aged 35 to 64.
When asked what encouraged them to turn their passion into a career, over half (53 per cent) said they wanted to generate an income from doing something they loved and enjoyed, whilst a third (32 per cent) said that they were motivated to turn something they would be doing anyway into a way of earning extra money. A significant number also cited a lack of full time paid work as a reason – nearly four in ten (39 per cent) of those aged 18-24 and a quarter (26 per cent) of those aged 25-34 highlighted this.
While a third of Brits (32 per cent) said that they would be bored if all they did was their day job, juggling the Slashie lifestyle is no mean feat, as they spend an average of 7 additional hours each week outside of their day job exploring their interests and turning them into a career, with 5 per cent spending up to 20 hours.
Barclaycard’s new marketing campaign showcases how its contactless payments devices – from cards to mobile apps, fobs and bracelets – allow you to ‘Pay Your Way’ by making paying speedy, simple and secure. Paving the way for the 10th anniversary of contactless payments in September, it’s been created to celebrate how they have revolutionised the way we pay for different items throughout the day.
Chloe Donegan, 28, a former financier turned developer "Slashie" said:
"Technology, like contactless payments, has enabled so many people to start businesses. My role as a developer/designer is about helping people to get started online so I definitely wouldn't have a company without technology.
“I feel fortunate that I'm not limited to doing one thing. If there is something new I want to try, then I can. I was in finance but now I'm in tech. I have time to teach other people to code and be creative together at a monthly meet-up. Being a "Slashie" makes life so varied. It's brilliant."
Andrew Hogan, Global Head of Brand Strategy at Barclaycard, said:
“Technology has increasingly enabled us to live fuller lives, with everything from using an app to hail a taxi, paying for groceries with a contactless wearable to hiring a workspace for a couple of hours using your mobile now taken for granted.
This has allowed those entering the workforces to blur the lines between the traditional ‘nine-to-five’ and the five-to-nine hobby they don’t want to let go of. The one-dimensional lifestyle is increasingly becoming a thing of the past and we’re seeing the Slashie trend, whereby individuals live liberated lifestyles very different to the generation before them, becoming the new norm.”
Notes to Editors
The consumer research was conducted by Opinium Research who carried out 2,005 online interviews (20th – 22nd June) with a sample of UK adults.
For more information, please contact Tom Foxton at Barclaycard on firstname.lastname@example.org or 020 7116 7285
Barclaycard, part of Barclays Bank PLC, is a leading global payment business that helps consumers, retailers and businesses to make and take payments flexibly, and to access short-term credit and point-of-sale finance. Barclaycard is a pioneer of new forms of payment and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting-edge forms of payment for the future. We also partner with a wide range of organisations across the globe to offer their customers or members payment options and credit.