Bankrate released a survey on July 12th revealing that over 44 million Americans have a method of earning additional income other than their main source of income. Known as a “side hustle”, the practice is very popular among millennials, or young adults aged 18-26.
86% of those with a “side hustle” perform it monthly at least, with 54% of everyone surveyed using the money to pay for expenses instead of as disposable income. While 96% of millennials (ages 18-26) perform a “side hustle” monthly, only 19% earn $500 monthly, compared to those aged 53-62, who are the most likely group to earn at least $1000 per month from a “side hustle”.
The report was released by Bankrate, which focuses on personal finance, providing the tools and advice necessary to be financially secure in the future. Princeton Survey Research Associates International conducted the survey, sampling 1,002 adults within the continental United States by telephone from June 22nd to 25th.
Sarah Berger, The Cashlorette on Bankrate.com, talked about the practice in a press release, saying that, “A side hustle can be a great way to help pay the bills or pad your savings account on your own schedule. It’s important to be smart about any extra income you earn. Pay down debt and take care of your monthly expenses first before adding anything to your shopping cart.”
