Whether people have a steady job or not, global inflation has resulted in more people working side hustles.
In this article, we’ll learn more about this topic through side hustle statistics.
Side hustles, while intended for working “on the side” of your regular job, are also full-time side hustles for some people.
This realm of the job market is not just a trend or fad.
It’s quickly becoming how more people all over the world are making money.
What are some side hustles?
Virtually anyone can make money with side hustles.
For instance, a delivery driver (think Uber), dog walking, consulting, house sitting, baby sitting, and many other things are within the realm of side hustles.
For some people, side hustles are for side money, or extra money.
However, for many Americans, they need the “extra money” just to pay their bills.
Therefore, it’s not extra or fun money.
Let’s find out what the statistics show us.
- 1 Top Side Hustle Statistics in 2023
- 1.1 1. 53% of Gen-Z Americans engage in side hustles.
- 1.2 2. 50% of Millennials are working side hustles.
- 1.3 3. 40% of Gen-X individuals have side hustles.
- 1.4 4. Only 24% of Baby Boomers have side hustles.
- 1.5 5. In terms of gender, more men have side hustles than women.
- 1.6 6. The income demographic most likely to have a side hustle includes those who make over $100,000.
- 1.7 7. People working side hustles are making an average of $810 per month.
- 1.8 8. 27% of side hustle workers earn over $500 per month.
- 1.9 9. 10% of people working side hustles are earning over $1,000 per month.
- 1.10 10. 44% of side hustlers believe they will always need it.
- 1.11 11. Overall, America is home to 45% of those working side hustles as of 2023.
- 1.12 12. The number one side hustle is in the rideshare market.
- 1.13 13. The most desired industry for side hustles is online.
- 1.14 14. The highest paying side hustle is among the Influencer and YouTube crowd.
- 1.15 15. 73% of people with side hustles are considering quitting their regular job.
- 2 FAQs
- 3 Conclusion
- 53% of Gen-Z Americans engage in side hustles.
- 50% of Millennials are working side hustles.
- 40% of Gen-X individuals have side hustles.
- Only 24% of Baby Boomers have side hustles.
- In terms of gender, more men have side hustles than women.
- The income demographic most likely to have a side hustle includes those who make over $100,000.
- People working side hustles are making an average of $810 per month.
- 27% of side hustle workers earn over $500 per month.
- 10% of people working side hustles are earning over $1,000 per month.
- 44% of side hustlers believe they will always need it.
Top Side Hustle Statistics in 2023
1. 53% of Gen-Z Americans engage in side hustles.
The concept of side hustles tends to be more popular with the younger generations.
In fact, 53% of Americans between 18 and 26 (Gen-Z) work side hustles.
This can be their main source of income, or they may have other jobs (part-time or full-time).
Also, Gen-Zers sometimes have more than one side hustle.
2. 50% of Millennials are working side hustles.
The second generation to use side hustles is the Millennials, or people between 27 and 42 years old.
This generation accounts for a large portion of American workers, so it makes sense they would want to have side hustles when they need to improve their income to offset their out-go.
3. 40% of Gen-X individuals have side hustles.
Gen-X is one of the hardest working of generations.
In fact, 40% of them have side hustles along with their regular jobs.
Most of this generation have families for which they take responsibility, so they need the funds to fight off inflation and pay for what they need, and maybe some of what they want.
4. Only 24% of Baby Boomers have side hustles.
Baby Boomers, people aged 59 to 77, are also engaging in side hustles.
This is the generation with the smallest percentage of working side hustles compared to their younger counterparts.
However, almost one-quarter (24%) of this generation has side hustles.
Some are retiring, while others are retiring from their jobs, but taking on side hustles just to get by.
Many are saying their retirement funds are not enough now.
5. In terms of gender, more men have side hustles than women.
You can call it a gender gap if you like, but 43% of men are earning via side hustles compared to 35% of women doing the same.
It’s not a wide gender gap, so we can feel confident that side hustles are for everyone at any age, ability, or gender.
6. The income demographic most likely to have a side hustle includes those who make over $100,000.
Income gaps in terms of side hustles are much smaller than the gender gap and age gap.
However, we see that people with a household income that is over $100,000 are more apt to be working a side hustle.
After all, people get accustomed to a specific lifestyle that $100,000 plus offers.
With inflation, they must add to their income to maintain that lifestyle.
7. People working side hustles are making an average of $810 per month.
So, if you’re wondering if you can make money from a side hustle, the answer is yes.
It may not seem like much to some, but an average of $810 per month per side hustler is enough to pay some bills.
It’s not bad for something you can do on your own time.
8. 27% of side hustle workers earn over $500 per month.
To go into more detail about how much money side hustles can generate, 27% of side hustlers earn over $500 per month.
Again, that’s enough to pay some bills, put it back for gifts, save for a rainy day, or enjoy a few extras with the family.
9. 10% of people working side hustles are earning over $1,000 per month.
What could you do with $1,000 per month from a side hustle?
We imagine that if you do hustle and put in the effort, you can earn $1,000 per month or more.
That would definitely pay bills or even pay for a great vacation if you’re saving for that.
10. 44% of side hustlers believe they will always need it.
Almost half of all side hustlers in a survey said that they think they will always need their side hustle to survive.
The actual figure is 44% of side hustlers who believe this, but that’s getting close to half.
Moreover, others engaging in side hustles plan to get another one.
11. Overall, America is home to 45% of those working side hustles as of 2023.
According to the most recent statistics it’s been revealed that 45% of all Americans are making money from side hustles or are trying to make money.
We shared the breakdown in this realm among age groups, gender, and income levels in the first few statistics.
Of all the side hustles out there today, Uber, Lyft, and other such ridesharing jobs are number one in this job market.
It’s likely due to how flexible it is and how you can choose when, where, and how often you taxi people around.
You can grab as many hours as you want as long as they are available in your area.
13. The most desired industry for side hustles is online.
Not everyone wants to drive people to places or deliver food or groceries.
Most people prefer to work online or on social media over being out and about in a car with strangers.
In fact, 16.6% of side hustles are in social and online realms.
Delivery and ridesharing side hustles account for 15.6% in popularity.
14. The highest paying side hustle is among the Influencer and YouTube crowd.
In terms of pay, YouTubers and social Influencers make the most money from their side hustles.
Some are paid from shared ad revenue, but others are paid by viewers or clients/brands.
Influencers often promote brands that pay them handsomely for their reviews and exposure.
The same is essentially true about YouTubers.
15. 73% of people with side hustles are considering quitting their regular job.
For some side hustlers, the work is so plentiful that they are actively considering quitting their regular day job.
So they can make more money from their flexible side hustle than they are at their day job.
It takes a lot of hustle, time, and effort to get to this point.
Why are side hustles so popular?
According to Ted Rossman from Bankrate, there are many workers who are underpaid, especially in the service industry.
Other reasons people are joining the ranks among side hustles is due to inflation and the weakening job market.
Side hustles are usually something most people pick up because their full-time job just isn’t paying the bills.
However, some people who like to be their own boss pick up a side hustle or two and turn them into their main income.
How can you decide on a side hustle?
That’s a great question. You do need to know what you want to do for a side hustle before you start hustling. The truth is that there are at least hundreds of thousands, but more like millions of side hustles being worked all over the globe.
Your goal is to find one that’s right for you.
You can narrow your search for a side hustle when you ask yourself a few questions, which include:
1. What is your passion? It’s nice to know what you’re passionate about, but a side hustle isn’t always something you’re going to feel passionate about. After all, you’re looking to have the money to pay bills, etc. So, decide what you want from your side hustle and worry about feeling passionate about later.
2. What can earn me money? Since side hustles mostly about making side money or a full-time income, figure out what can help you make the money you need.
3. How much time can you work a side hustle? If you’re working full-time and/or overtime and still unable to pay your bills, figure out how much time you do have to work a side hustle. Are you willing to sacrifice part of your weekend, or your nights?
4. What skills do you have? While not all side hustles require much skill, you still need to determine what your skills are to find one that matches your skills. For instance, if you’re a great driver and are eligible to drive for Uber, that’s an option. Some Uber drivers make good money.
5. How much money do you need to get started? First, figure out how much you can spend to start your side hustle, if anything. Not all side hustles cost to get started, but some do. You also need to know how much you need to make from your side hustle. What can you afford and how much will it take to profit?
6. Does your current day or night job allow you to work side hustles? You may need to make sure that your boss, company, or employer allows workers to take on side hustles. Some companies have a policy against side hustles, or they may call it moonlighting.
Remember, no matter what side hustle you choose, it’s what you put into that makes you money.
Your time, your effort, and sometimes a sacrifice or two are necessary.
What can you do with side hustle money?
The money you earn from side hustles can be used for a variety of things.
Let’s look at a few.
1. Pay off debt: Billions of Americans have massive student debt that can be paid off quicker from working a side hustle. Any kind of personal, car, or house loan can be paid off faster if you earn more money to make it happen. Pay off credit cards, medical bills, etc.
2. Build an emergency savings fund: It’s always smart to invest your money in savings for emergencies. You never know what can happen to the economy or to yourself or a loved one. If you don’t have enough or anything saved for such unknowns, it will cause a lot of stress and problems for you.
3. Earn and reward yourself: If you don’t need extra money for an emergency fund or to pay off debt, you can take more vacations, buy a new car without financing it, use it for a down payment on your dream home, or for whatever luxury or self-care thing you want or need.
Ultimately, it’s money you earned, so you can do with it what you want.
What are some challenges of side hustles?
You already have some of the benefits revealed in this article about side hustles, but what about challenges?
Side hustles come with challenges just like any kind of job.
Let’s look at some challenges.
1. Time management is required to make any significant money from a side hustle. It can be a struggle to balance your side hustle and other priorities. If you’re not good with time management, you either need to learn to be, or keep your job.
2. Lack of support is a big challenge for side hustlers. It’s a lonely way to work and you don’t have coworkers or a boss to support you. If you don’t mind working alone and having no one around to ask for help, this won’t be as challenging.
3. Taxes can be challenging since you’re not getting money taken out of your pay, but you still have to pay your taxes. You can do your own taxes, but it’s recommended that you have them done by professionals to avoid mistakes that could be costly.
4. Financial risk is another challenge in that sometimes you have to invest some money in your side hustle before you can work it. Therefore, if you’re unsuccessful for whatever reason, you’re out that money. So, before you spend a dime on anything related to your side hustle, be sure you’re going to follow through and do the work. Be persistent and refuse to fail.
Whether you’re currently working a side hustle (or two), you’re considering joining the side hustle world, or you’re a marketer who’s side hustle is to write about side hustles, you have plenty of statistics about this job market to help you.
We also added some questions and answers, which act as tips and help to make it easier for you to decide if having a side hustle is worth it to you.
Overall, we truly hope that you have enjoyed reading these side hustle statistics and that you can apply them to your life.