More Americans are working extra jobs, or side hustles, to create additional cash flow while expenses rise.
- A 2022 survey from Insuranks found that 93% of Americans have some sort of side hustle in addition to their full-time or part-time job.
- Of those who work side hustles, 80% have a full-time job. Both full-time and part-time workers say they dedicate 13 hours per week to their side hustle.
- Though a side hustle cuts into available free time and may add some stress, the majority of respondents planned to continue working the side hustle and say the inconvenience was worth it.
- Most people working side hustles are doing so to have extra cash, whether that cash is needed to pay for necessary expenses or for spending money.
- However, working a side hustle can have its downsides. Depending on the side hustle, a worker may need additional insurance or pay more taxes.
Why it’s news
Incomes are not rising as quickly as the cost of inflation, so in general, people are earning less and spending more. In addition to prices rising, Americans’ savings are also losing value compared to the rate of inflation.
Costs are rising, and side hustles are one way Americans are trying to make ends meet. Most survey respondents said they are working a side hustle because they need extra money.
Around 28% specifically mentioned that inflation-driven prices caused them to start working a side hustle. Of the respondents, 44% say they have to work a side hustle to cover bills and expenses. Over half of those who did not already have a side hustle said they are considering starting one because of inflation.
Though more Americans may be working a side hustle now that costs are rising, side hustles are not a new thing. The majority of respondents have been working their side hustle for three or more years, and most say they enjoy their side hustle.
In fact, just under half say they would quit their full-time job if they could make enough money working their side hustle.
Side hustles can take many different shapes. Some may work part-time at a fast food restaurant or coffee shop. Others will try dog walking, freelance work, or selling clothing online. Here are some of the most common—and most unusual—side hustles:
- Dog walking
- Senior sitting
- Taking online surveys
- Taste tester
- Donate plasma
- Become a mystery shopper