Side hustles have become a common way for Americans to earn extra income beyond their main source of earnings. Whether it’s through gig apps, freelancing, weekend jobs, or turning a hobby into a full-time career, many people are putting in the extra effort to make ends meet or pursue their passions. According to Bankrate’s Side Hustles Survey, more than one-third of U.S. adults engage in side hustles, with 36 percent using the additional income to cover regular living expenses like rent and groceries.
The data from Bankrate’s survey also reveals some interesting insights into the world of side hustles. The average side hustler makes $891 per month in extra income, up from $810 in the previous year. This increase in earnings shows that side hustling is becoming more lucrative for many individuals. Additionally, the survey found that most side hustlers are relatively new to the practice, with 52 percent having started within the last two years.
One of the key findings of the survey is the demographic breakdown of side hustlers. Younger generations, particularly Gen Zers and millennials, are more likely to have a side hustle, with nearly half of Gen Zers and 44 percent of millennials engaging in side gigs. Parents of young children are also more likely to have a side hustle compared to those without children or with adult children.
Despite the popularity of side hustles, many Americans are still struggling to make ends meet. High inflation and rising housing prices have made it challenging for individuals to sustain their lifestyles on one income alone. This is especially true for younger Americans who are earlier in their careers and tend to earn less than older generations. As a result, side hustles have become a necessary means for many to afford their monthly bills and save for the future.
While side hustles can provide a much-needed financial boost, not everyone is making significant earnings from their side gigs. The survey found that more than a quarter of side hustlers make over $500 per month, with millennials earning the most on average. However, there is a gender pay gap in side hustles, with men earning significantly more than women on average.
Overall, the survey highlights the diverse reasons why people engage in side hustles, from funding discretionary spending to paying down debt or saving for the future. While some view side hustling as a temporary solution, others believe they will always need a side gig to make ends meet. Whether it’s a stepping stone to a dream career or a necessary means of financial support, side hustles continue to be a prevalent part of many Americans’ lives.
In conclusion, the rise of side hustles reflects the changing landscape of work and income generation in the United States. As people seek to meet their financial goals and navigate the challenges of a shifting economy, side hustles offer a flexible and accessible way to earn extra income. With the trend likely to continue in the future, side hustles will remain a significant aspect of many Americans’ lives.
