Editor-DN
If you spent your free time last year taking jobs on gig apps, freelancing, working weekends, or building a hobby into your full-time career, you’re one of the many Americans who worked hard. Who is Stir aside.
More than a third (36 percent) of American adults earn more money with a side hustle than their main source of income, according to new data from Bankrate’s Side Hustles Survey.
Working side jobs can be a great way to explore a passion or grow a new business, but for many Americans, it’s also another way to pay the bills. More than 1 in 3 (36 percent) side hustlers use side hustle income to pay for regular living expenses, such as rent and Groceriesand 32 percent of side hustlers think they will always need the job to make ends meet.
Even as Inflation coolsOn the one hand, the high percentage of hustlers suggests that many Americans don’t feel they can sustain their lifestyles on just one income. Read on to learn more about many Americans — and why they’re chasing those extra funds.
While it’s admirable that so many Americans are putting extra time and effort into their pursuits, it’s unfortunate that most are doing so to fund their expenses.
— Ted Rossman, senior credit card analyst at Bankrate
Bankrate’s Insights on Side Hustles
- Side hustling is bringing in more money year after year. The average side hustler says they earn an average of $891 per month in extra income outside of their main source of income, up from $810 in 2023.
- Most side hustlers started after 2022. 52% of side hustlers have been making money on the side for two years or less.
- Side hustlers are roughly evenly split on how they spend their money. 37% of side hustlers agree that they use at least a portion of their side hustle income for discretionary spending. 36% use at least some to pay for routine expenses. 31% save at least some and 20% use it to pay off debt.
- Side hustling isn’t always a one-time gig. 32% of side hustlers believe they will always need a side gig to make ends meet.
Almost half of Gen Xers and millennials are hustlers.
While the percentage of Americans with side hustles is down slightly year over year, it’s still a common way for people to bring in extra cash. Roughly one-third (36 percent) of U.S. adults are busty in 2024, down slightly from 39 percent in 2023.
Side hustles are especially popular among young adults. Nearly half (48 percent) of Gen Zers have a side hustle, the highest percentage of any generation:
- Gen Zers (ages 18-27): 48 percent
- Millennials (ages 28-43): 44 percent
- Gen Xers (ages 44-59): 33 percent
- Baby Boomers (ages 60-78): 23 percent
Source: Bankrate Survey, June 10-12, 2024
Also, parents of young children are more likely to have side effects than childless adults and children with older children:
- Parents/guardians of children under 18 years of age: 45 percent
- Not a parent/guardian: 36 percent
- Parents/guardians of children 18 years of age or older: 28 percent
Ted Rossman, senior industry analyst at Bankrate, attributes the popularity of side hustles to the ongoing cost of living in struggling Americans. Thanks to high inflation and Rising house pricesMany Americans are working frantically for the chance to afford their monthly bills, let alone pay for discretionary spending. travel or save. This is especially true for younger Americans, who are earlier in their careers than older generations, and tend to earn less.
Side hustles are a bit less common this year than they were last year, but many Americans still feel that one job isn’t enough. Rossman says the cost of living has risen sharply in recent years.
More than 1 in 4 side hustlers earn more than $500 a month.
Not everyone reports a large monthly payment from their side hustle, but the average figure can be significant An increase in one’s monthly income. The average side hustler earns $891 per month in extra income, up from $810 in 2023.
Notice: Respondents were asked to round to the nearest dollar. The percentages are of US adults who have had a stroke. Percentages may not total 100 due to rounding.
Source: Bankrate Survey, June 10-12, 2024
Younger generations are more likely to hustle, and they also report bigger payouts. Millennial side hustlers bring in $1,129 per month in additional income, the most of any generation:
- Gen Z Side Hustlers: $958
- Millennial Side Hustlers: $1,129
- Gen X Side Hustlers: $751
- Baby Boomer Side Hustlers: $561
Overall, more than a quarter (28 percent) of side hustlers earn more than $500 per month in extra income. While Gen Zers are the generation most likely to have a side hustle, only 21 percent of Gen Z side hustlers earn an average of more than $500 in extra monthly income, the lowest percentage of any generation:
- Gen Z Side Hustlers: 21 percent
- Millennial Side Hustlers: 34 percent
- Gen X Side Hustlers: 29 percent
- Baby Boomer Side Hustlers: 26 percent
gave The gender pay gap The gap between men and women in full-time roles is well documented, but it also shows up in side hustles. Only a slightly higher percentage of men than women have side hustles (38 percent of men, compared to 33 percent of women), but men make more. Men with a side hustle earn an average of $1,034 per month in extra income, compared to an average of $735 per month for women with a side hustle.
Most Americans are new to side hustling.
The majority of American side hustlers (52 percent) have been making money on the side for two years or less — including 24 percent who have been side hustling for less than a year:
- Less than a year: 24 percent
- 1 to 2 years: 28 percent
- 3 to 5 years: 25 percent
- 6 to 10 years: 13 percent
- 11 to 20 years: 5 percent
- Over 20 years: 5 percent
Notice: The percentages are of US adults who have had a stroke. Percentages may not total 100 due to rounding.
Source: Bankrate Survey, June 10-12, 2024
Younger generations have less time to build a side business, so it makes sense that the majority of Gen Z side hustlers (77 percent) and millennial side hustlers (52 percent) have been making money for two years or less. are:
- Gen Z Side Hustlers: 77 percent
- Millennial Side Hustlers: 52 percent
- Gen X Side Hustlers: 36 percent
- Baby Boomer Side Hustlers: 41 percent
Almost 1 in 3 side hustlers believe they will always need a side hustle to make ends meet.
No matter who brings in the side hustle income or how much they bring in, chances are they are using the funds for fun money, bills or savings.
An almost equal percentage of side hustlers use extra income for discretionary spending (37 percent). Regular living expenses (36 percent) or savings (31 percent). Only 20 percent use the money to pay off debt.
Notice: The percentages are of US adults who have had a stroke. Respondents can select more than one option.
Source: Bankrate Survey, June 10-12, 2024
People using side hustle income for day-to-day expenses will likely continue to do so. About a third (32 percent) of side hustlers say they think they will always need a side hustle to make ends meet. For others, side-hustling isn’t forever — 16 percent of people with a side hustle plan to develop it into their main source of income.
Whether it’s a necessity or the means to your dream career, the enduring popularity of side hustles isn’t likely to fade anytime soon. As long as people have the time and desire to accomplish more financial goals, they will put in the extra hours to accomplish them.
Frequently Asked Questions
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A side hustle is any additional income that a person earns from their main source of income, such as their primary job.
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According to Bankrate’s Side Hustles Survey, the average side hustler earns, on average, $891 per month.
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According to Bankrate’s Side Hustles Survey, while side hustlers earn, on average, $891 per month, 25% earn between $1 and $50 on average from their side hustle. It may take more work — and time — before your side hustle is worth it.
Procedure
All data, unless otherwise stated, belongs to YouGov Plc. The total sample size was 2,332 American adults, of which 822 have side hustles. The field work was conducted between 10-12 June 2024. The survey was conducted online and met strict quality standards. It used a non-probability-based sample using both quotas during collection and then a weighting scheme was developed at the back end and proved to provide nationally representative results.
