If you spent your free time over the past year picking up gigs on apps, doing freelance work, working a weekend job, or developing a hobby, you are among the many Americans who have been working hard to earn extra money through a side job.
More than one-third (36%) of adults in the United States earn extra money beyond their primary source of income through a side job, according to new data from Bankrate’s Side Hustle Survey.
Having a “side gig” can be a great way to explore a hobby or develop a new business, but for many Americans, it has been a way to pay their bills. More than 1 in 3 use the extra income to cover regular expenses like rent and food, and 32% of them believe they will continue to need this work to survive.
Even with inflation cooling, the high percentage of people with a side job shows that many Americans do not feel they can sustain their lifestyles on a single income.
Interesting data from the survey:
• Side jobs are bringing in more money year after year. Workers report earning an average of $891 per month in extra income beyond their primary source of income, up from $810 in 2023.
• Most people with side jobs started after 2022. 52% of them have been earning extra money for two years or less.
• People with side jobs are roughly evenly split on how they spend their money. 37% use at least part of their side job income to fund discretionary spending; 36% use at least part of the money to pay regular expenses; 31% save at least part, and 20% use it to pay off debt.
• Side jobs are especially popular among younger adults. Nearly half (48%) of Generation Z has a side job, the highest percentage of any generation.
• Parents of young children are more likely to have a side job than adults without children and those with adult children.
Source: Bankrate.com