As inflation makes life more expensive and the holiday season continues, LendingTree found that 70% of those with a side hustle are reliant on the extra income
LendingTree, the nation’s leading online financial services marketplace, released its survey finding that 44% of Americans have a side hustle amid inflation, up 13% from 2020. The top side hustlers are Gen Zers, with 62% stating they have a side gig. Inflation is forcing Americans to rely on the extra income, as 43% need the money from their side hustle to pay their primary expenses or bills, and 71% aren’t certain they’d still be able to pay all their bills if their side hustle disappeared.
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Key findings
- Inflation isn’t the only thing on the rise. As consumers combat soaring costs, 44% of Americans report having a side hustle. That compares to the 39% who said they had a side hustle in 2020 — an increase of 13%.
- The top side hustlers? Gen Zers ages 18 to 25 (62%), millennials ages 26 to 41 (55%), and parents with children younger than 18 (54%) are the most likely to have a side gig.
- Side hustlers are working hard to fill financial gaps, as 43% say they need the money to pay their primary expenses or bills, and 68% say they rely more on the extra income because of price increases.
- Side jobs are bringing home the bacon, with Americans earning $473 a month, on average, from their side hustle — or almost $5,700 a year. Men ($568) and parents with children younger than 18 ($533) are among the side hustlers who bring in the most dough monthly.
- The top side hustles are making and selling items on sites like Etsy (8%); babysitting, pet sitting, and caretaking (7%); and delivering food or groceries with services like Instacart, DoorDash and Uber Eats (6%).
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LendingTree’s chief credit analyst, Matt Schulz, adds, “With inflation running rampant, more and more people have embraced side hustles out of necessity. Life is really expensive today, and many people need that extra side hustle income to make ends meet or to provide themselves with a little bit of financial wiggle room. Yes, many Americans have started side hustles to follow dreams and chase big goals, but for others, they’re doing it because they need to.”
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