By Alexa Lardieri, Staff Writer, June 25, 2018
Almost 40 percent of Americans have a side job, earning an extra $686 on average per month.
According to a survey by Bankrate.com, 37 percent of Americans have a “side hustle,” which can earn them more than more than $8,200 per year. People who work a second job at least once a month earn an average of $836 per month.
About 9 percent of people earn $501 to $1,000 from their side jobs every month. Fifteen percent earn more than $1,000 and 17 percent earn $201 to $500. Most, 49 percent, earn up to $200 per month
Although people with a side hustle have the opportunity to make extra cash, not a lot take advantage. Only 11 percent of respondents said they worked a side job every week. Nine percent said they worked a second job once a month, and another 9 percent said less than once a month, while 8 percent said they did a few times a month. Sixty-two percent said they never worked a side job.
Millennials are more likely than other generations to work a side hustle. According to the survey, the chances of someone earning money from a second job decrease with age.
Diane Mulcahy, author of “The Gig Economy” told Bankrate.com this is most likely because millennials have debt and are aware there is no job security.
“When I talk to millennials, I think two things really come up. One is that they’re very aware that there’s no job security, so they’re the least likely generation to kind of settle into a full-time job and assume that everything’s going to be OK,” Mulcahy said. “The other reason is clearly economic. Most millennials … have significant debt and a lot of them are looking for ways to either build a financial cushion or reduce their debt faster.”
Of those who work a second job, 59 percent consider the money disposable income, while 38 percent say they use the extra money to cover everyday expenses.
Men report working more side jobs than women every week – 14 percent compared to 9 percent. This could be the reason men earn almost three times as much money from their side hustles as women do – $989 compared to $361 per month. The only range that favors women is those earning under $200 per month on average, which accounts for a majority of women with side jobs.
The most popular sector for side jobs is home repairs and landscaping, with 12 percent of respondents reporting that as their second job. Online sales and crafts are tied at 7 percent for second most popular, and child care comes in third at 6 percent. Less popular side jobs that received fewer than 4 percent of responses included substitute teacher and artist or musician.
Bankrate’s survey collected responses from more than 1,000 American workers.