Nearly half of Americans with side hustles believe they'll always need one, survey shows
WASHINGTON (TND) — From manual repairs to starting an online business, Americans are working hard to make enough money outside of regular business hours to help offset costs of inflation.
Now, a new Bankrate survey suggests that for some Americans, side hustles or work outside of primary jobs could be more than just a trend.
We just have an incredible opportunity right now to be our own boss and to make our income the way that we want to,” said Lauren Jack, who has social media side gigs.
It’s pretty common to run in to someone with a side hustle these days — 39% of US adults have one, according to Bankrate.
“For the most part, they’re not paying down debt, they’re not saving more, not investing more, not using this to go on vacation, it’s really just to make ends meet, which I think is a sad reality for a lot of people,” said Bankrate senior industry analyst Ted Rossman. “I think inflation is a big driver here.”
Side hustlers earn an average of a little more than $800 per month, according to Bankrate analysts. Here's a break down of where that money is going, according to their survey:
- Regular living expenses: 33%
- Discretionary spending: 27%
- Savings: 25%
- Debt payoff: 12%
- Other: 3%
It also found 44% of those with a side hustle think they will always need one to maintain their lifestyle.
Despite rising interest rates, the national unemployment rate dipped to 3.4% in April, according to the Labor Department.
Even if inflation slows, prices are going to remain high, I mean we’re not gonna roll back the clock five or 10 years, it’s more just a slower growth. So yeah, I think the side hustle, the gig economy is probably here to stay," Rossman said.
He adds that if you are debating a side hustle, weigh some common reasons people have cited such as being your own boss and flexible hours with things like health insurance and vacation time that may be associated with typical work.
