This Stat About Gen Alpha's Side Hustles Might Be Hard To Believe — But It Means Major Purchasing Power. Here's What The Kids Want To Buy.

Americans can't get tin of broadside hustles — nan gigs allowing them to summation different complaint extracurricular of their 9-5 jobs — and young entrepreneurs are peculiarly keen to commencement their own. These days, 44% of millennials and 48% of Gen Z personification a broadside hustle, according to Bankrate's Side Hustles Survey.

However, millennial and Gen Z broadside hustlers are nary longer nan newest connected nan scene: Gen Alpha, calved betwixt 2010 and 2024, mightiness beryllium betwixt nan ages of 1 and 14, but galore of them are already taking powerfulness of their financial futures.

Related: Move Over Boomers and Millennials — Here's How Gen Alpha's Top Entrepreneurs Are Printing Money

A staggering 69% of Gen Alpha opportunity they've started aliases strategy to commencement a broadside hustle, according to nan Acorns Money Matters Report™ for Kids.

Acorns' report, which surveyed overmuch than 60,000 6-to-14-year-olds and 2,000 of their parents, explores Gen Alpha's financial readying — and their parents' ain financial concerns.

An "economic powerhouse" pinch an estimated $11.3 cardinal spending power, Gen Alpha is getting proactive astir their individual finances: They're readying aliases starting broadside hustles to summation further spending money (58%) aliases prevention costs for nan early (31%), nan study found.

Related: 'My Schedule Is Mayhem': Nearly 50% of Parents Now Have Side Hustles, According to a New Survey

"It's encouraging to spot really mindful Gen Alpha already is astir financial security," Acorns CEO Noah Kerner says.

What precisely are these young broadside hustlers redeeming for? According to nan report, 19% are already redeeming for college, 24% for their first car, 11% for their first location and 6% for their retirement.

What's more, Gen Alpha's parents mightiness beryllium contributing to their children's money mentalities.

Most kids and teens aged 10 to 14 (63%) comprehend their parents talk astir money often, and among children successful that spot group who subordinate accent pinch money, overmuch than three-quarters of their parents study emotion nan aforesaid way, Acorns' investigation revealed.

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.

Northwestern Mutual vice president and main portfolio caput Matt Stucky told Entrepreneur that parents tin instill beardown money guidance skills successful their kids for illustration immoderate different bully habit.

"It conscionable takes a batch of repetition — things for illustration saving, investing," Stucky says. "I'm not going to thatch my 4-year-old astir investing, but conscionable nan thought of if I prevention a dollar, that intends I tin locomotion it down nan roadworthy connected point that I really want. That takes a while to descend in."

This article is information of our ongoing Young Entrepreneur® bid highlighting nan stories, challenges and triumphs of being a young business owner.