Redefining ‘self-made’ in the side hustle era: Gen Z and Millennials turn to portfolio careers

A lattice of opportunities is replacing the traditional career ladder. In South Africa, where youth unemployment has persistently hovered above 55%, Gen Z and millennials can’t afford to wait for formal jobs to find them.

Instead, the digitally savvy new generation of South Africans is building portfolio careers; diverse, flexible income streams powered by digital platforms.

According to Bolt’s new Gig Economy Report in partnership with Ipsos, ride-hailing has evolved beyond a simple mobility service. The company is now framing the income stream as a launchpad for everyday entrepreneurship, offering financial independence and the freedom to design one’s own work life.

‘Portfolio careers’ on the rise

The concept is simple: instead of relying on one full-time employer, workers combine multiple income sources. This was the apparent trend when ride-hailing platforms first launched in South Africa, and it has endured, cementing ride-hailing as the anchor of that portfolio.

“In South Africa’s current economic climate, ride-hailing is no longer just about mobility; it’s about opportunity. What we are seeing is the rise of everyday entrepreneurship, where individuals are creating flexible, self-directed livelihoods on their own terms,” said Simo Kalajdzic, senior operations manager at Bolt.

The data contained in a recent Ipsos report supports the company’s outlook and found that 70% of South African gig workers use ride-hailing as a secondary source of income, using it to smooth out household earnings, cover essentials like food and rent or fund other business ideas.

For 30%, it is their primary livelihood.

Empowerment, independence, and control

Young folks today, mostly Gen Z, with some Millennials still in the mix, look at traditional corporate life and the whole “climb the ladder to senior roles” idea like it’s an outdated scam that got exposed.

A large majority of people in this category have decided to “Work to live, not live to work.”
Many report watching older generations grind through hustle culture, endless overtime, and loyalty only to get hit with burnout, layoffs, or stagnant pay while costs skyrocketed. Now they’re over it.

Earning money through digital platforms, therefore, offers them something crucial: control.

If, for example, someone chooses to go the e-hailing route, they can choose when to work, where to go, and how to balance their time between platforms, family, and other hustles.

This flexibility is a key driver of financial independence. The survey also found that 32% of respondents cited self-earned income and financial independence as the most important benefit of gig work.
During a panel discussion following the report’s release, Fikile Nzuza-Chunga, senior public policy manager for Bolt, highlighted the structural shift this represents:

“Simo talked about the flexibility that drivers have to work whatever hours they want. E-hailing regulations mean they are there for the transport sector, but we still need more flexibility and an enabling environment for platforms… It is a different environment altogether.”

This sentiment captures the generational push where young workers don’t want to fit into old policy boxes. They want the freedom to build their own.

Beyond income

The impact of this portfolio approach isn’t just psychological. It tangibly shows up in bank accounts and quality of life. Despite ongoing global economic headwinds, the report found that over 90% of drivers report an improvement in their standard of living.

Prudence Makhubalo, producer and show host of CNBC Africa’s Side Hustle, told the panel that she has seen this first-hand. The very premise of her show validates that multiple income streams are no longer optional but essential. For drivers on Bolt, the report shows that earnings translate directly into stability:

• Covering household essentials (food, rent, transport, education)
• Reducing reliance on unsafe or irregular income alternatives
• Building a buffer against economic uncertainty

“These findings point to the critical role that platform-based work is playing in supporting income resilience, entrepreneurship, and broader economic participation,” said Soyinka Witness, Strategy Director at Ipsos.

Skills and sustainability

Although the focus of this piece falls on e-hailing, the portfolio career model requires more than just a car and a smartphone. Those who succeed will need business acumen.

Recognising this need, the platform announced that it will roll out programmes to help drivers scale their ambitions.

This will take the form of partnerships to upskill drivers, including a collaboration with Microsoft for digital skills training (covering AI and other certifications) and a programmes with the Transport Education Training Authority (Teta) to help top drivers transition from individual earners to fleet owners with access to funding.