Sitting pets, mowing lawns, writing about stock market tips for beginners and spreading other kinds of wisdom over the internet – these are all the most common side hustles you hear about today. We live in the age of the “gig economy”, with many millennials – and other age groups – in the US resorting to them for an extra buck. According to a recent study cited by CNBC, 37% of all Americans (and 51% of all millennials) have a side hustle at least occasionally, making an average of $686 a month. Most side hustles are not this high-paying, though, with 49% of them putting just up to $200 in the gig workers’ pockets.
A few interesting numbers
A significant number – 11% – of the respondents to the survey do side jobs at least once a week, and 8% do them at least a few times a month. Millennials are the most likely to have a side hustle, with the odds of someone earning extra money through a side job declining with age. One of the reasons why they are the most eager to put in extra work for some extra cash is that they are also the age group with the most debt to repay. Younger generations are also down for some extra work for money – according to another study, a large percentage of Generation Z-ers (those born between the mid-1990s and the mid-2000s) would also be open to a side gig, with many of them already having one besides their full-time jobs. Besides, only about 2% of all millennial respondents to the survey said that they would reject the idea of a side hustle from the start, and 62% of them said that if they’d leave their full-time employer, they would reorient themselves toward the gig economy.
It is also interesting to take a look at the gender gap when it comes to side hustles: almost three times as many men have side hustles than women, and they are also making the more money – almost $1,000 in an average month, the results of the survey said.
The most popular side hustles in the US
The most common way of making an extra buck in the US is home repair and landscaping, with more than 12% of the respondents revealing this to be their way of making some extra cash. 7% of those responding to the survey said they were involved with online sales, another 7% chose crafts as the source of their extra income, and 6% rounded up their monthly revenues by caring for children, making these the most popular side gigs in the US this year.