The side hustle is not a new concept.

For as long as there has been work, people have been performing gigs on the side to raise extra capital. 

Of course, current events influence the exact number of people undertaking side hustles.

At present, the pandemic is fresh in people’s memories.

Its effects on savings, combined with increasing levels of inflation, mean that many people are feeling the pinch. 

That’s more people performing side hustles, but exactly how many people have a side hustle?

Key Statistics

• 39% of Americans have a side hustle
• 17% of people intend to start a side hustle
• 80% of side hustles are to raise additional income
• Only 20% of side hustlers hope to quit their main job 
• On average, a side hustle creates an additional $1,222 in monthly revenue
• Side hustles take, on average, between 11-16 hours a week
• Online businesses are the most popular side hustle
• 55% of side hustles are started by men
• 76% of side hustlers love their gig
• 62% of people earning over $100k have a side hustle
• 28% of people think they will always need a side hustle
• The US side hustle market is worth $2.58 trillion
• 66% of independent workers believe they have more job security

How Many People Have A Side Hustle in 2023? 

1. 39% Of Americans Have A Side Hustle

There have been a variety of reports on side hustles.

However, the majority of them agree that 39% of Americans, that’s roughly two in five, currently have a side hustle. 

In numbers, that’s over 140 million Americans working outside their standard job!

Interestingly, the percentage of people with side hustles is much higher in the US than elsewhere.

For example, just 19% of people in the UK have side hustles and 28% in Canada.

In all cases, the percentage rises if you look at the younger generations. In the US, 50% of Millennials have a side hustle, and 46% of Generation Z.

Even Generation X are into side hustles with 40% of them working a side gig.

The percentage drops amongst baby boomers who are more used to traditional ways of working.

Only 24% of boomers have side hustles. 

(Bankrate)

2. 17% Of People Intend To Start A Side Hustle

While side hustles have always been an option, they have become increasingly popular since 2015.

Part of the reason for this is the increased capabilities of mobile technology. 

Of course, the pandemic sped up the transition to remote working which makes it much easier for people to find the time for a side hustle. 

That’s why, a further 17% of the population intend to start a side hustle within the next year.

That’s just under a million people!

The only question is how to choose a side hustle.

According to a recent survey, 70% of Generation Z are looking for a side hustle and 64% of them plan to monetize an existing social media project. 

It’s not surprising that the younger generation is looking at side hustles, they are less inclined to fulfill traditional job roles.

That makes side hustles a logical alternative. 

(Pinger)

3. 80% Of Side Hustles Are To Raise Additional Income

There are many reasons why people may start a side hustle.

However, the most obvious is, in this case, the predominant reason. 

A recent Pinger survey found that 80% of side hustles have been started to increase income levels. 

The latest reports from Bankrate indicate that 41% of these side hustles need the extra funds to keep their finances afloat. 

In contrast, 43% are planning to either save the money or enjoy the extra income. 

However, while 40% of side hustles were started to help someone learn a new skill, 30% of these entrepreneurs want to become their own boss. 

It’s worth noting that in 2019, just 32% of side hustles were because they needed the extra money.

That’s risen to 41% in 2022, reflecting how bad things have become for many people. 

This is also reflected in the fact that 29% of people felt it necessary to start a side hustle because of high inflation rates.

(Pinger/bankrate)

4. Only 20% Of Side Hustlers Hope To Quit Their Main Job 

Side Hustle Nation conducted a poll with over 5500 respondents.

They discovered the primary reason for starting a side hustle was simply more personal freedom.

A staggering 38.7% of people wanted this. 

24.7% of respondents indicated they wanted extra income to save or invest, while 6.2% wanted to eliminate their debts quicker. 

In fact, 80% of people asked simply wanted extra money for one reason or another.

Just 20% of respondents were operating a side hustle in the hope they could eventually quit their job. 

That’s an indication that most people still prefer the security offered by a traditional job.

They simply like being able to earn a bit on the side. 

(Side Hustle Nation)

5. On Average, A Side Hustle Creates An Additional $1,222 In Monthly Revenue

If a large percentage of people are doing slide hustles to make ends meet or provide some disposable income, then it’s fair to assume the average side hustle pays reasonably well. 

In fact, it’s much the same as any career, some people do very well, others don’t. 

According to the latest surveys, the average side hustle nets $1,222 a month.

That’s a nice extra.

However, the survey also found that 50% of all respondents were making significantly less. In fact, they made, on average, $100 a month. 

The survey found that 52% of respondents earn $100 or less, 17.7% make between $101 and $500, and 9.5% make between $501 and $1,000. 

Impressively, 15% of those asked made between $1,001 and $5,000.

However, just 7.8% made more than $5,000 a month. 

In most cases, the lower revenues are connected with the startup phase of a side hustle, meaning there is potential to get good returns.

But, you need to stick to it!

(Side Hustle Nation)

6. Side Hustles Take, On Average, Between 11-16 Hours A Week

Undertaking a side hustle means dedicated time and resources of your own, alongside all the other commitments you already have in your life. 

It’s not easy to find the extra time.

However, the pandemic and a dramatic increase in remote working have meant many people have more control over their time.

That’s one of the reasons side hustles have become so popular in recent years. 

The exact amount of time spent on a side hustle will depend on what you are doing.

On average, people spend 11-16 hours a week.

According to the latest Side Hustle Nations survey, 38.3% of their subscribers admit to working between five and twenty hours a week. 

The results can be further broken down: 50.9% of side hustlers take up no more than five hours a week.

A further 24.6% of side hustles use five to ten hours a week.

Only 13.7% of people spend between eleven and twenty hours on their side hustle, while 8.2% spend between twenty-one and forty hours weekly. 

That means, 1.6% of people are spending over forty hours a week on a side hustle!

(Vistaprint)

7. Online Businesses Are The Most Popular Side Hustle

If you’re thinking about starting a side hustle you may still be wondering what one to do.

Fortunately, the research has been done for you. 

According to the latest statistics, online businesses are the most popular option.

That’s things like blogging, offering online courses, and affiliate marketing. 

The next most popular is freelancing and consulting.

You simply need specialist skills to offer your services in this way. 

E-commerce is also a popular option, although highly competitive.

Investing and even self-publishing also come high on the list, as does creating a YouTube channel or creating apps. 

According to Google, there are approximately 24,000 searches every month on how to start an e-commerce business.

It’s the top side hustle search, beating how to start a dropshipping business with just 20,000 searches. 

Other popular searches include starting a vending machine business, Instagram, and even fashion businesses.

(Side Hustle Nation)

8. 55% Of Side Hustles Are Started By Men

According to the latest reports, side hustles are started by more men than women.

In 55% of cases, men create the side hustle, meaning that women are the founders 45% of the time.

It’s worth noting that this average stays the same regardless of age.

However, more younger people start side hustles than the older generations. 

The Side Hustle Nation found that 54% of side hustles were started by people aged between 18 and 34. In fact, 24% are started by those aged 18-24, and 30% are started by those aged 25-34.

Just 22% of side hustles are started by people in the age range 35-44, and 13% by those aged 45-54.

But, age isn’t a barrier if you want to start a side hustle.

A surprising 11% of side hustles are started by those aged over 55.

(Side Hustle Nation)

9. 76% Of Side Hustlers Love Their Gig

A recent survey found that approximately 50% of people with a side hustle like their regular or traditional job. 

In contrast, 76% of people with a side hustle love doing their gig.

This is likely because a large percentage of side hustles are built out of hobbies.

It’s much easier to succeed at what you’re doing when you enjoy it. 

It’s a popular option as 55% of full-time workers would like to turn a hobby into a side hustle.

(Side Hustle Nation)

10. 62% Of People Earning Over $100k Have A Side Hustle

A recent survey by Forbes found that 62% of people earning over $100,000 a year also have a side hustle. 

The report didn’t highlight whether these people needed the extra income, were undertaking gigs because the opportunity arose, or were just enjoying the challenge of running a side hustle. 

However, it is fair to assume that everyone with a side hustle is mindful of how volatile the economy is.

They may simply be trying to protect themselves from unemployment issues. 

It’s also possible that these workers with side hustles are testing the water before taking a leap into business.

That’s a pragmatic approach.

(Forbes)

11. 28% Of People Think They Will Always Need A Side Hustle

While a side hustle can become a replacement for your regular income, not everyone views it that way. 

According to a recent Bankrate survey, a staggering 28% of side hustlers don’t just need it to make ends meet, they envision they will always need a side hustle. 

A further 26% of those asked felt that the side hustle was simply too important for additional expenses.

They, therefore, couldn’t imagine not having a side hustle. 

The concern is that over 50% of people intend to continue having a side hustle indefinitely.

That means they may enjoy a higher quality of life but they will also be working more hours and harder to obtain it. 

After all, just 15% of people with a side hustle think it’s a temporary situation. 

(Bankrate)

12. The US Side Hustle Market Is Worth $2.58 Trillion

You may not realize just how big the side hustle market in the US has got.

At the end of 2022, it was valued at $2.58 trillion, that’s a significant sum of money.

That’s nearly 10% of GDP!

Interestingly, the market is made up of numerous small players.

The largest gig companies are Airbnb, Etsy, and Care.com.

Between them, they generate over $15 billion a year. 

That pales in comparison with temporary help agencies which had revenues of over $150 billion last year. 

(Market Research)

13. 66% Of Independent Workers Believe They Have More Job Security

In the past job security was established by working for a company.

It was common for people to have a job for life. 

However, times have changed.

Today, most people will have two or more careers and changing jobs is simply something everyone does, even if you don’t always have control of the process. 

According to the latest survey by MBO Partners, two-thirds of self-employed workers feel they are more secure working for themselves than for a company. 

The main reason is they are more in control of their own fate.

When you’re operating a side hustle you can’t be fired by your boss just because the economy has nosedived. 

(MBO Partners)

Summing Up

Asking how many people have a side hustle may be the wrong question.

These statistics show that it’s a popular option for all generations and all income levels. 

Perhaps, instead of wondering how many people are doing this, you should be asking yourself what you are passionate about.

You may just find a way to start your own side hustle.

As well as becoming one of the above statistics, you could find it is the best decision you’ve ever made. 

Just remember, you still need to pay taxes on your side hustle earnings. 

Sources

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