What is driving people to take side hustles these days?
Experts say that inflation is a major driver for taking side hustles in this economy.
Some studies reveal that there are people taking on side hustles for disposable income even though they can easily afford to pay their bills and have a good savings plan.
Most side hustlers actually have a regular job and work to make the time to engage in a side hustle whether they need the money or just want to work more.
In this article, we will be discussing how many people have a side hustle.
Let’s find out.
Post Contents
Key Statistics
- In the United States, an estimated 39% of people have side hustles.
- 19% of the population in the United Kingdom have side hustles.
- 28% of Canadians work side hustles.
- 29% of Americans say they take side hustles for more disposable income.
- 28% of Americans claim they use side hustles to offset the rising cost of living.
- 25% of Americans say they work side hustles to feel less dependent upon one stream of income.
- 93% of working Americans have some kind of side hustle.
- Weekends, early mornings, evenings (after working hours) are when people mostly work their side hustles.
- According to 28% of survey respondents, making time for a side hustle is the biggest challenge.
- The average side hustler averages $810 per month just from their side hustle.
How Many People Have a Side Hustle?
When you consider that at least 39% of Americans work side hustles, we can see that it accounts for more than 132 million people.
For reference, the latest population numbers for the United States show that there are 340,936,321 people living in the country.
The United States isn’t the only country or region that has people who work side hustles.
In fact, 19% of the population in the United Kingdom have side hustles and 28% of Canadians work side hustles.
Out of the Americans working at regular jobs, 93% also work side hustles.
(Bizee, Side Hustle Nation, WorldOMeter)
Why Do People Engage In Side Hustles?
Now that we know how many people work side hustles, we can address their reasons for engaging in extra work.
Data shows that 29% of Americans say they engage in the side hustle ideal for more disposable income.
Further from the survey, 28% of Americans use side hustles to offset the rising cost of living/inflation.
Moreover, 25% of Americans say they work side hustles to feel less dependent upon one stream of income.
It’s challenging if not almost impossible to live on a single income in this day and age.
When do they find the time?
Most people who work side hustles engage in extra work before their real job (early morning before 9 AM), on the weekends if they don’t work weekends, and in the evening hours after their regular work day is done.
Keep in mind that side hustles come with challenges.
In fact, one survey found that 28% of survey respondents, making time for a side hustle is the biggest challenge.
(Bizee, PRNewswire)
Who is Engaging in Side Hustles?
Now, let’s delve into some demographics related to side hustles to find out who’s working these side gigs the most.
In terms of age demographics, one study revealed that 70% of those from the Generation Z population at least seek side hustles.
Moreover, 64% of this same generation say they intend to monetize content on social media within the next 12 months.
A United Kingdom study uncovered that 39% of their Millennial population has a side hustle and 42% of Generation Z members engage in side hustles in the country.
In the United States 67% of Millennials consider side hustles and 70% of Gen Z also consider it.
In fact, Millennials are the generation most likely to engage in side hustles (61%).
Generation Z accounts for roughly 59% and Generation X members make up 36% of side hustlers.
Moreover, 24% of Baby Boomers say they engage in side hustles.
This includes the age group between 59 and 77.
In terms of gender, women are more apt to engage in a side hustle at 50% than men at 49%, which doesn’t represent much of a gender gap.
However, men are more likely to make more money with a side hustle than women because they will spend over 2 hours more on their side gig than women do.
(Bizee, Side Hustle Nation)
How Much Can a Side Hustle Earn You?
Statistics show that the average side hustle earns about $810 per month.
Being average means that some people make more and some less, which can be significant depending on how diligent you are in your side gig.
However, another 28% of side hustles make up to only $50 per month.
It depends on your “hustle” and how much time you are willing to or are able to engage in it.
More data revealed that 42% of American households that earn less then $50,000 per year say they need a side hustle to cover their regular expenses like food, clothing, shelter, and utilities.
This income group accounts for 40% of those with side hustles.
In terms of existing income earners, 45% of people working side hustles earn $100,000 or more per year.
That means those at the other end of the income earning scale, $50,000 and under, come in second to the $100,000 and over crowd.
More data shows that households earning between $50,000 and $79,999 annually account for 39% of side hustlers and 35% earn between $80,000 and $99,999 each year.
(Bankrate)
FAQs
What are some challenges for side hustlers?
The number one challenge that faces people who work side hustles is balancing their regular job, their family commitments, leisure time, and the side hustle itself.
Some people are better with time management than others.
This challenge is something to consider if you aren’t prepared to manage your time better.
Finding the time to work the side hustle is another challenge.
This is a little different from the first one, but similar in nature. Not everyone has a day job that is as flexible as a side hustle.
Losing sleep due to having to keep the side hustle moving.
Some people suffer from sleep deprivation due to taking on more than they probably should.
The worth of a side hustle depends on if it’s worth it for your life.
These are just a few challenges facing those who work side hustles to consider before engaging in one.
How much time can side hustles take?
We mentioned that the biggest challenge is finding or making time for side hustles, so here is some data from Side Hustle Nation that tells us how long side gigs can take.
Out of over 1,700 survey respondents, this is how the breakdown looks regarding how much time side hustles take:
1. 50.9% of side hustlers spend between zero and five hours on their side gig.
2. 24.6% spend between 21 and 40 hours on side hustles.
3. 13.7% spend between 11 and 20 hours on a side hustle.
4. 8.2% spend between five and ten hours on their side hustle.
5. Only a very small percentage work a side hustle 40 hours or more per week.
These are stats you should consider if you want to work a side hustle.
How much time do you have to spend on it?
The more time you spend on a side hustle, the higher per-hour income you can achieve.
What are some popular side hustles?
According to one survey, here are some of the most popular side hustles:
1. Blogging, creating online courses, podcasting, affiliate marketing, and other online digital business models.
2. Consulting and/or freelancing like copywriting, business advice, career coaching, creating graphics, etc.
3. Online stores, or eCommerce is another popular side hustle that relates to resellers or creators on Amazon, Etsy, and eBay.
4. Real estate investing, and other forms of investing like stocks, buying businesses, and cryptocurrency.
5. Being in the self-publishing arena.
6. Providing services in your local area like dog walking, pet sitting, babysitting, house or business cleaning, etc.
7. Ride sharing like Uber or Lyft.
8. Food delivery services like Instacart and DoorDash.
9. YouTube, Facebook, TikTok, and other social media influencers and creators.
These are just a sample of the gig economy hustles available today.
For your information, selling online and reselling accounts for over half of all side jobs among those who want to make extra money or to make enough to get by in this economic climate.
What do people expect to achieve by working a side hustle?
One study revealed how people perceive what they can get out of working a side hustle.
Here are the results we found:
1. Over 38% said they want to have more personal freedom.
2. More than 27% report that they need to have the extra income for investing, spending, or saving.
3. 11%-plus say they need the extra funds just to make ends meet.
4. 6.2% say they want to be able to pay down their debt quicker.
5. 5.6% claim it’s to have a creative outlet.
6. 4.6% say they want to find their calling
Conclusion
We now know that in America, 93% of working people take side hustles for various reasons such as to have disposable income, to offset inflation, or to have more than one income stream.
We also covered who side hustles, why, and how much you can make from a side hustle.
It’s common for people who are underpaid or underemployed to take side hustles.
Do you have a side hustle?
