Colburn’s observations are consistent with Bankrate’s findings: Gen Z (ages 18-27) are the most likely to have a side hustle (48%) compared to millennials (ages 28-43).) 44%. Thirty-three percent of Gen Xers (ages 44-59) and 23% of Baby Boomers (ages 60-78) said they have a side job.
The survey found that parents with children under 18 are more likely to have a side job (45%) than childless adults (36%) and parents with adult children (28%).
Corban said some workers may be working second jobs between their full-time remote jobs.
Here are some more highlights from Bankrate’s survey.
How much do you earn from your side hustle?
In Bankrate’s survey, nearly two-thirds, or 63%, of people with side hustles said they make more than $100 a month from them, and more than one in four respondents, or 28%, make more than $500 a month.
Younger generations and men are more likely to have side hustles and earn more: Millennial side hustlers make an average of $1,129 a month, Gen Zers make $958, Gen Xers make $751, and Baby Boomers make $561.
The gender pay gap also exists in the gig economy: While a slightly higher percentage of men (38%) than women (33%) have a second job, men earn an average of $1,034 a month compared to $735 for women.
Why do people have side hustles?
Rothman said high inflation and rising housing costs, along with regular monthly bills and a desire to travel and save money, are driving more people to turn to second jobs. “Americans still feel like one job is never enough, and the cost of living has risen sharply in recent years,” he said.
But Rothman also said he wasn’t too convinced by the survey statistic that showed 32% of people who have a side hustle feel they’ve always needed it to make ends meet.
“Most of these people are just starting out, but they think they need to keep doing it,” he says, because more than half have been doing it for two years or less. “Maybe things aren’t as bad as people fear.”
Still, “it’s really about expenses,” he said. “Last year, it was all day-to-day expenses, and this year it’s more fun expenses, like, ‘Let’s get a side hustle and take a nice vacation and splurge on electronics.'”
Colburn said reporters were surprised that while many side hustlers said they were doing it because they needed the money, “50 percent said they were doing it for fun, not for the money.”
Side job: Why do women look for freelance or one-off work? To avoid the “old network” of colleagues at work.
What’s your best side gig or most popular gig?
Popular side hustles include those involving e-commerce sites like eBay and Etsy, or using social media to drive people to e-commerce platforms, Colburn said.
Meanwhile, the easiest side hustles to take on are house sitting, dog walking, freelance work, and grocery delivery, according to Blueprint. Blueprint also suggests some side hustles to avoid, such as taking online surveys, driving for rideshares, and being a mystery shopper, as the compensation may not be commensurate with the time invested.
Colburn also said it’s important for people with side hustles to understand how their jobs will affect their taxes.
He said many people don’t realize they have to pay tax on any amount over $400 they make from a side hustle, and that their tax rate could increase if their side hustle is successful.
Rothman said he thinks the number of people taking on second jobs will continue to grow, especially as the workforce continues to change and people choose to change jobs or are unable to hold down stable employment.
Others may turn their side hustle into a passion project or their next full-time job, he said.
Rothman’s final advice is that if you’re planning on taking on a side hustle, walk before you run.
“I think side hustles are a great way to make some extra money or pay off credit card debt,” he says, “but be careful of ones that require a lot of up-front investment. Sometimes they could be total scams… or they could be pyramid schemes that require you to stock up on a lot of inventory.”
“Explore it first, test drive it, validate the concept before diving in headfirst.”
Betty Lynn Fisher is a consumer reporter for USA Today. She can be reached at email address: Or follow her on X, Facebook, or Instagram @blinfisher. . Sign up for our free The Daily Money newsletter with consumer news updates on Fridays.here.
