43% of side hustlers earn more, work less: Quicken survey
CALIFORNIA, UNITED STATES — A recent survey by Quicken has uncovered a surprising trend in the American workforce: nearly half (43%) of those with side hustles are making more money while working fewer hours compared to traditional single-salary positions.
This shift is particularly pronounced among younger generations, with 50% of Gen Z and 48% of millennials reporting this outcome.
“This new data highlights a group of Americans who are turning to contract work and side hustles to creatively supplement their income,” said Quicken CEO Eric Dunn.
“This is allowing them to address other elements of their financial situation, including paying down debts, saving for major purchases, and more.”
The online survey was conducted from June 6 through June 12, 2024, involving 1,008 adults in the United States who have any extra income on the side of their main source of income.
The rise of the side hustle economy
The survey defines a side hustle as any extra income earned alongside one’s primary source of income.
The survey reveals that 82% of those who earn more through side gigs feel that these additional earnings have helped them avoid living paycheck to paycheck.
Among the popular side hustles, personal assistance (20%), cooking and baking (16%), and caregiving (16%) are leading choices, with 21% of the respondents running their own businesses like online stores or catering services.
Moreover, 57% claim they have accrued enough savings to support themselves for over four months in case of an emergency. This comes in contrast to a MarketWatch finding that two-thirds of Americans are currently struggling with month-to-month financial pressures.
Generational differences and debt management
While financial necessity is a driving force for many, particularly with the concerning economic indicators like a weak jobs report, others are drawn to the flexibility and personal fulfillment that side hustles offer. For instance, 25% of Gen Z and 22% of millennials are using their secondary incomes to chip away at student loans, whereas others save for vacations, cars, and even retirement.
“Working a 9-to-5 isn’t going to buy me a house and two cars, and support a few kids. Those days are long gone, unfortunately. Past generations could buy a home with a minimum wage job. My generation can’t afford rent,” said Dave DeNard, a side hustler.
Now, DeNard earns significantly through online platforms, surpassing what he might have made in a more traditional role.
“There are times when you must hustle, yes. I’ve created something that works for me, and maintaining that is easy. But if you want to force growth, you do have to work hard. The only difference is that I am the boss.”
As the gig economy continues to grow, it’s clear that side hustles are providing many Americans with not just additional income, but also greater financial stability and career flexibility. This trend may well reshape the future of work in the United States.
