Story at a glance
- 36 percent of U.S. adults who took part in a recent Bankrate survey said they have a side hustle, or work outside of a full-time job.
- That’s a small drop from last year, when Bankrate found that 39 percent of adults had side hustles.
- Most side hustlers — 32 percent — don’t think they would be able to survive without the extra work.
More than one in three U.S. adults earns money through a side hustle, according to a new Bankrate survey.
The share of people with side hustles has dropped slightly over the past year, with 36 percent of adults reporting a side hustle compared to 39 percent in 2023.
But it doesn’t look like the need for side hustles will disappear soon, even if inflation is cooling: 32 percent of side hustlers believe they will always need the extra work to make ends meet, according to the survey.
“While it’s admirable that so many Americans are putting in extra time and effort on their side hustles, it’s unfortunate that most are doing so simply to fund their expenses,” said Bankrate Senior Credit Card Analyst Ted Rossman.
About 35 percent of side hustlers use the money to pay for living expenses like rent and groceries.
Another 37 percent say they use at least some of the extra money to fund discretionary spending, while 31 percent say they are use some of it for savings and 20 percent use it to pay off debt.
Side hustlers are bringing in more money than last year, with the average side hustler reporting that they make $891 on average a month in extra income — up from the average of $810 in 2023.
Side hustles have become popular in the U.S. due to the increasing cost of living, according to Rossman.
High inflation and rising housing prices are forcing many Americans to take on extra work to pay their bills and sometimes pay for discretionary expenses like travel or savings.
This is particularly true for younger U.S. adults who are early in their careers and typically make less than older adults, according to Rossman.
Young adults are the most likely to have a side hustle, with 48 percent of Gen Zers doing something extra to earn money, according to the survey.
“Side hustles are a little less common this year than they were last year, but many Americans are still finding that one job isn’t enough. The cost of living has risen sharply in recent years,” Rossman said.
The survey findings come from a YouGov poll conducted in early June of 2,332 U.S. adults, 822 of whom have side hustles.
Published on Jul 10,2024