Who says Millennials are more into vacations than work?
Millennial Side Hustle Statistics
New data from Bankrate shows that 28 percent of Millennials, between the ages of 18 and 26, are working on their own on the side right now. That means, in addition to their regular source of income, the youngest members of the workforce are putting in extra work for some extra pay.
These don’t seem like pursuits to purchase more of the things that Millennials want, either. If that were the case, it’d be more likely that these “side hustles” would be one-off gigs to earn a few extra bucks here and there.
But a deeper dive into the Bankrate data shows that these side hustles are more like side businesses, even if they lack the proper business structure or systems in place. Take a look at these other numbers from the study:
- 61 percent of Millennials working a side hustle are at it once week or more;
- 96 percent are at their side hustle at least once a month;
- and 25 percent say their side hustle earns them $500 a month or more.
Yeah, that sounds more like a business than a hustle, right?
In fact, the average Millennial participating in the Bankrate study uses their side job or jobs to make at least $200 a month.
So, what are some of the more popular side businesses right now? Check out this list of 50 popular side gigs right now.
Investing Right
Of course, this data from Bankrate makes no claim about where these Millennials are spending their money. They could be spending it on lattes after all.
For Millennials reading this and identifying as one of the 1 in 4 who are padding their income, if an entrepreneurial spirit runs through you, don’t waste this money. Begin to save this money that does allow you to live outside your normal means to invest in a business pursuit.
Rather than calling it a side business, that seed money stashed away could be the money that allows you to eventually strike out on your own.
Guy at Laptop Photo via Shutterstock
Aira Bongco
I guess it has something to do with the accessibility of online jobs nowadays. Now, people can work on another task without leaving their day job.
DaBizWhiz
Although I have a six figure salary, I work as a freelancer and do side jobs as well which yield me $1.5-$2k additional income per month. Its not about having more money but always having various sources of income. Depending on your employer as only source of income is very risky!
aaron
Side hustles are necessary, certainly in rent strangling cities like New York – Along the same lines as airbnb, but SpiceRaQ.com allows you to rent out your space to host dinner parties. Essentially the airbnb for residential event space. Solves the problem of dinner party space for people in large cities who do not have adequate space in their own homes. Probably more passive than airbnb as you could rent out your space while you go to the cinema. No need to find another bed for the night.
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