Survey Shows that 43% of Employees with Side Gigs Earn More in Less Time

In today’s economy, many Americans are turning to side hustles to supplement their income and improve their financial stability. A recent survey conducted by Quicken sheds light on the growing trend of side hustles and how they are impacting the lives of individuals across different generations.

The survey revealed that nearly half of Americans with a side hustle are working fewer hours and making more money than they would in a single salaried position. This surprising outcome is especially prevalent among younger generations, with 50% of Gen Z and 48% of millennials reporting the same, compared to 34% of Gen X and Boomers. This shift in the traditional work model highlights the changing landscape of employment in America.

One of the key benefits of having a side hustle is the financial stability it provides. The survey found that 82% of those working less and making more money through side hustles have been able to avoid living paycheck to paycheck. Additionally, more than half of these individuals have enough savings to cover emergency expenses for more than four months. This increased level of financial security is crucial, especially considering that the majority of Americans are currently living paycheck to paycheck.

The most popular side hustles among those working fewer hours and making more money include personal assistance, cooking and baking, caregiving, and owning a business. Many individuals are using their side hustles not only to improve their current financial situation but also to invest in their future. A significant portion of respondents are building skills for their future career or working towards eventually becoming self-employed.

Eric Dunn, CEO of Quicken, emphasized the importance of side hustles in helping individuals achieve their financial goals and lead healthy financial lives. The survey data reflects a growing trend of Americans turning to contract work and side hustles to supplement their income and address various financial needs, such as paying off debts and saving for major purchases.

Overall, the survey found that 72% of respondents with multiple sources of income feel more financially secure thanks to their side hustle, and two-thirds feel less stressed financially. Many individuals are using their side hustle income to pay off debts, with 31% prioritizing debt repayment. As the U.S. economy shows signs of slowing down, side hustles may become an increasingly popular option for Americans looking to prepare for potential financial challenges ahead.

Whether it’s paying down student loans, saving for vacations, cars, retirement, or homes, side hustles are empowering individuals to take control of their finances and work towards their financial goals. With 66% of multi-job Americans stating that having a side hustle has helped them become more aware of their finances, it’s clear that side hustles are not just about making extra money but also about gaining financial literacy and independence.

In conclusion, the rise of side hustles is reshaping the way Americans work and manage their finances. As more individuals embrace the gig economy and take on additional income streams, they are finding new opportunities for financial growth and stability. If you’re considering starting a side hustle or looking to improve your financial situation, the insights from Quicken’s survey offer valuable information and inspiration for taking control of your financial future.