It is no longer news that you need multiple sources of income to accommodate the uncertainties of the global economy. It is widely believed that to be successful, you must depend on different streams that fetch your income consistently.
A side hustle is that additional service you render asides from your main job or profession. It has been referred to by other names like side gigs or side jobs, can be more than one, and may take any form, physical to remote.
Side hustles help you increase your financial security, gain more flexibility, learn new skills and work with your passion. Also, it enables you to build your portfolio, explore your creativity, and use your free time to improve.
Little wonder why side hustle has now become more popular around the world. Need proofs? Below, we’ve highlighted side hustle statistics you should know about. They contain details on the benefits of having a side hustle and why it has become common.
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- 41% of side hustlers between 2022 and 2023 rely on income to cover monthly bills.
- 39% of Americans think that having a side job will soon be a norm everybody partakes in.
- 49% of those aged 18-35 have a side hustle.
- The US side hustle market is valued at over $2.58 trillion.
- 46% of side hustlers earn above $500 per month.
- 62% said generating extra cash was one of the top reasons they started a side hustle.
- Nine out of 10 people (90%) reported a high level of sacrifice in pursuit of their side hustle endeavors.
The rise of side hustles
Unless you are living under a rock, all that is between you and numerous side hustles you can apply for is your smartphone and cellular connection. Although digital products and services have contributed significantly to its rise, side hustles or gigs aren’t new.
This is because technology has provided a lot of information on benefits and opportunities for more engagement in side hustles. Hence, the recent rise of side hustles, as seen in the survey by Dollar Sprout.
- The percentage of people spending over 15 hours per week on their side hustle(s) doubled, increasing from 12% to 27%.
- 76% of respondents predict that side hustling is primed for more popularity.
- 39% of Americans think that having a side job will soon be a norm everybody partakes in.
Side hustles have been a thing for a while, but the concept only started getting popular as more people started becoming aware and enlightened about their importance.
Since then, the population of side hustlers has kept increasing, and according to the information from statistics, it will keep growing every year. Here are some facts to back this point up.
Side hustle demographics
The population of people taking up side hustles is spread among different age groups. However, according to statistics, young adults between 18 and 35 boast a higher population than other age groups.
- 49% of those aged 18-35 have a side hustle.
- Adults between the ages of 35 and 54 confirm that 41% of their population earn the most from their side hustles at $1,061 on average per month.
- Only 27% of adults aged 55 and above have confirmed earning from side hustles, which is lower than other age brackets.
- While most youths and adults engage in side hustles, ages 18-24 make the least from side hustles, and 35-64 year-olds make the most.
One would have thought that entrepreneurs might have nothing or less time to do with side hustles. However, statistics have proven this wrong! It has instead confirmed how getting side hustles isn’t dependent on owning an enterprise.
- 59% of entrepreneurs handle their side hustle enterprise as a ‘5 to 9’ and work on their business in the evenings to balance their careers.
- 48% of most workers and entrepreneurs work on their side jobs during the weekends, while over 27% do so during the morning.
The demographics of side hustle statistics also depend on gender as well. Here is the breakdown.
- Men are over 19% more likely to have a side hustle and earn more from it compared to women.
- Men earn an average of $596 per month from side hustles compared to an average of $378 for women per month.
The side hustle market size
- The US side hustle market is valued at over $2.58 trillion.
- 45% of Americans who have a job report having other side hustles, while 43% of full-time workers say the same.
- Americans spend an average of 12 hours per week on their side hustles.
- 70% of the Gen-Z generation are in dire search of a side hustle.
- Over 64% of Gen Z had plans to “monetize a project or skill on social media.”
Side hustle earning statistics
The earnings recorded from side hustle incomes keep increasing year by year, and this can be attributed to the fact that people are getting enlightened every day while seeing all its benefits.
- 46% of side hustlers earn above $500 per month. Others earn less than that, which explains why most of them save money or use it as extra disposable income.
- Those with a side hustle annually earn an average of $14,705.16 per year post-tax.
- In America, 14% of side hustlers confirmed making up to 22,800 dollars per year.
Reasons for and benefits of a side hustle
As stated in the intro, there are a lot of benefits attached to side hustles. Here are the statistics showing why people pick up side hustle jobs.
- According to a Vistaprint survey, 62% said generating extra cash was one of the top reasons they started a side hustle. 37% did so to pursue their passion, while 41% wanted to spend more time doing what they enjoy.
- 44% of Americans keep a side hustle to help them cover most of their bills.
- Over 35% of side hustlers use the money they earn from their side hustles as extra disposable income asides from what they earn from their regular work income.
The downsides of a side hustle
Picking up a side hustle has now become a common trend with many benefits. However, there are downside attached to it, and this is proven in the statistics below.
- Nine out of 10 people (90%) reported a high level of sacrifice in pursuit of their side hustle endeavors, costing them the time they will spend with their family and loved ones.
- In America, 48% of side hustlers confirmed they are only left with less time to spend with their friends, loved ones, and family because of their side hustle.
Conclusion
Side hustles are beneficial and have come to stay. It is, therefore, not surprising that more people are embracing the idea, which explains the growing market size and acceptance through different demographics.
It promises to get even better, and we can only continue to take full advantage as we seek more ways to generate income.
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