So what's driving the continued rise of side hustlers? There are a number of factors, according to the latest studies. Bankrate found that 44% of side hustlers believe they will always need a second source of income to cope with changing living expenses.
Some of the most common reasons for starting a side hustle include:
To make ends meet: Bankrate found the vast majority of side hustlers take o paytm data n other roles because they're struggling to pay bills. Additionally, 76.6% of people with a side hustle in the UK said they do it because they want or need extra income.
Inflation: Inflation is a major concern for many consumers in today's world. Inflation is set to increase by 4% year-on-year through May 2023. This could mean that employees need a side hustle to pay for basic necessities like food and fuel.
However, many side hustlers pursue their secondary careers out of passion. Side Hustle Nation found that approximately 76% of people said they enjoyed their side hustle, while only 50% loved their primary job. The company also found that employees hope to achieve a number of goals with their side hustles, including:
More personal freedom (38.7%)
Extra income for saving, investing or spending (27.4%)
Extra money for entertainment (11.7%)
Options for faster debt repayment (6.2%)
Desire for creative outlet (5.6%)
After the call (4.6%)
Notably, professionals’ priorities are also changing, making a flexible side hustle more attractive to many individuals than a traditional secondary or part-time job. Around 47% of respondents to a Microsoft survey said they now prioritize personal well-being and flexibility more than they did before the pandemic.
The demand for flexibility is particularly important among Gen Z respondents, with approximately 58% saying they are considering leaving their jobs in the next year, and approximately 70% saying they are considering starting a side hustle.
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How much do people earn from side gossip?
One of the main reasons people look for a side hustle is that they need another way to make extra money or pay bills. Side hustles can be extremely lucrative, but the amount earned from each role can vary. Jobs that require more in-demand skills are likely to pay more.
Bankrate found that Americans earn an average of about $810 per month from their side hustle. However, about 28% of people said they only make between $1,500 and $1,022 per month . According to the study, younger side hustlers appear to earn more, with millennials earning around $753 per month and Gen Z earning an average of $1,022 per month.
Experian reports that the average income of a side hustler is around $686K per month , while TheHustle.co suggests that the average income could be around $1050K per month , with professionals working around 11 hours per week.
The Side Hustle Nation survey found that about half of all respondents make less than $100 per month. About 36.7% made up to $500 per month, and 19.2% made up to $1,000 per month. 31.2% said they made between $1,000 and $5,000 per month, and about 7.5% said they made up to $10,000 per month with the help of their side hustle.
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