There are more Americans working a side hustle today than at any point over the last 20 years. But why are we working ourselves so hard?
Side Hustle Stats
A new survey from CreditLoan.com of nearly 1,000 Americans who are currently working a side hustle found the main motivating factor is cash. Whether it’s a side business or a second job, 65.9 percent of those answering the survey said they work more so they can have some spending cash.
Building up savings and paying off debt were also listed as top motivating factors for working a side hustle.
Certainly, there is no shortage of side hustle gigs available right now. Sites like Upwork and Fiverr are filled with opportunities to pursue a side hustle.
And this data shows that it’s likely that some of your employees are working their side hustles while they’re working for you, too. CreditLoan.com found 21 percent who work a side hustle are doing it during their regular working hours.
Since their top motivation is extra money, either to spend or save or pay off debt, it’s likely your employees do not feel they are making enough money from their primary job, the one you’re providing.
However, there are other motivating factors, too. And not many of them point to them being content with the livelihood your employment provides. CreditLoan.com found that 23.1 percent use a side hustle to learn new skills. Another 23 percent are using their side hustle as a form of insurance in case they’re laid off at their primary job.
Some of those working on the side have other motivations, too. For example, 14.5 percent are using the side hustle to start a new business of their own. And 10.8 percent said they use the income and experience to transition out of their primary job.
Side-hustling Americans are doing these extra jobs while sacrificing time with their families and sleep. However, most concerning to you as their employer, is that 13 percent are working a side hustle while sacrificing time they’d spend working their primary job.
Here are the top jobs that make lucrative side hustles, according to the CreditLoan data.
Photo via Shutterstock
This shows how entrepreneurship has really become a ‘normal’ way of life. We live in a generation where millennials have dozens of side hustles.