Side hustles have become a way of life for many Americans, as new research finds a lot of people can’t get by on just one job these days. According to a new survey of 1,000 working adults nationwide, 72% now rely on at least one source of secondary income.
The poll by MyPerfectResume suggests side hustles have turned into a long-term financial strategy as people try to manage rising costs and economic uncertainty. This extra income doesn’t just fill gaps, it helps create stability that their primary jobs can’t do alone.
- Nearly three-quarters (71%) believe side income will become even more common for U.S. workers next year.
- Inflation has significantly increased the need for extra income for 38%, while 72% say rising costs have made side work more necessary.
- More than half (53%) expect to keep their same level of secondary income this year.
- Half of those polled say only a major raise would convince them to give up their side hustle.
- The biggest reasons people are motivated to do side work include covering basic living expenses (26%), paying off debt or loans (18%), building an emergency fund (17%), saving for a major life goal (16%), and affording extras like travel and hobbies (15%).
- The most popular side hustles are freelance or “gig” work (14%), and income from investments, like stock or crypto (14%).
- Income from side businesses they own (9%), passive income, like royalties or rent (9%) and second jobs with a different employer (4%) round out the top five extra sources of income.
- While the extra money is nice and sometimes essential, dual workloads are taking a toll. Workers admit side hustles have led to a decline in health (21%), increased burnout (15%) and having less time for family or hobbies (20%).
- But 28% say their current dual workload actually feels “very sustainable,” showing some have adapted well to the two-income lifestyle.
Source: USA Today
photo: GETTY