There are nearly one million Aussies who hold a second job, according to the latest data from the Australian Bureau of Statistics.
Today, up to 45% of all Americans are side hustlers, with that number reaching as high as 49% for workers under 34. These side hustlers use their extra income to spend freely, cover their bills, and pad their savings accounts.
Half of millennials and more than half of Gen Zers have a side hustle in 2023. Nearly two in five (39 percent) U.S. adults have a side hustle, according to Bankrate, meaning they earn money outside of their primary job, money from a family member, trust fund or any other main source of income.
Results found 56% of respondents currently have a side hustle or other form of supplemental income. This is compared to 40% of American respondents, specifically. Millennials were the most likely to have a side hustle (61%), compared to 40% of baby boomers.
Even if it's only an extra $100 a month, a side hustle can add to your financial security by increasing your income. You also have the potential to make a lot more per month, making it easier to pay off debts, save money, and just generally breathe a little easier when you make your budget.
As young people look to make ends meet, more are turning to second and third jobs. A survey from Bank of America says that 72% of Gen Z-ers have a "side hustle," most earning between $500 and $1,000 per month.
A survey by Bank of America found that 72% of Gen Z respondents reported having a side hustle, with the majority earning between $500 and $1000 per month.
If you know for sure you want to change your focus, a side hustle can be a good way to start something fresh while you maintain the stability of your current employment. It can also be a strategy for career cushioning in case you're questioning your job security.
Side hustles are a great way to boost your income, plus they let you explore potential business ideas with little upfront costs or major time commitments. There are a variety of successful side hustle opportunities, whether in-person or online, so chances are there is a side hustle that could work for you.
Side hustles are a great way to earn extra income but, like all new ventures, they require a bit of legwork upfront in order to get traction. If you don't choose an idea that fits your current lifestyle, it's easy for this extra work to sink to the bottom of your to-do list and, eventually, fall by the wayside.
They define a side hustle as “a small business or secondary job that someone has in addition to their main career, taken on either to meet a financial need or to fulfil a passion.”
Here is how the workforce breaks down, according to SWAA: 78% of employees have one job. 9.9% have a job plus side hustle(s).
The average salary that young adults said would make them feel as if they've finally “made it” is $121,553 per year, with Gen Z aiming slightly higher and pining for $124,494 and millennials earmarking $120,902.
The main reasons Gen Zers and millennials are considering switching jobs haven't changed, with higher compensation, improved work-life balance, opportunities for career growth and flexible work arrangements all ranking as top priorities, per LinkedIn's research.
While women are more likely to have a side hustle than men (50% vs. 49%), men make more income from their side hustle. Men spend an average of 2.3 more hours per week on their side hustle than women. Women are the most likely to break into the side hustle game for the first time in 2021.
Side gigs can be a source of ancillary income, but they can also take up a lot of time and energy. Experts say it's important to tell your boss about your side hustle.
While both options can help you reach financial freedom and earn more income, one of the main differences between the two is that with side hustles you earn money for your time while passive income does not.
$20 per video for a YouTuber with 1,000 subscribers. $200 per video for a YouTuber with 10,000 subscribers. $2,000 per video for a YouTuber with 100,000 subscribers. $20,000 per video for a YouTuber with 1,000,000 subscribers.