Survey: 3 Reasons People Have Started Side Hustles

Turns out that a lot of people are picking up a side hustle to get by. More than half of people who responded to a recent survey said they were doing work on the side of their regular job to make ends meet, meanwhile 4 in 10 have asked their loved ones for money over the past year, to deal with the rising cost of living.

Over 8,000 people from 10 countries took part in this survey, so it’s not like it’s a local issue. But while the cost of living is certainly a problem for a lot of people, what’s really interesting is how many people said they wanted to be less reliant on a single source of income. It’s even more than the number who said they wanted some disposable income.

Commissioned by Herbalife and conducted by OnePoll, the survey found Millennials were the most likely to have a side hustle (61%), compared to baby boomers (40%). 55% of respondents with a side hustle shared that they started it solely to make ends meet. But 36% said they wanted to have a disposable income, while 38% suggested they wanted to be less reliant on a single source of income.

On average, those with a side hustle commit an average of about eight and a half hours per week to it. That time can vary, however, as 28% dedicate three to five hours a week to their side hustle, while 24% devote six to 10 hours per week.

These were the most common side hustles:

1. selling products on e-commerce websites
2. content creation
3. writing, editing, or proofreading
4. direct sales (otherwise known as network marketing)

We like having money to spend on fun things, and the stuff we need. That’s nothing new. But diversifying our income is an interesting change.

Source: https://tinyurl.com/2xanpkrk

Image – Ivan / CC