A nation of sidehustlers...?
According to some recent research by the company Sage 47% of adults have more than one income stream. An additional 10% are looking for one!
Younger people are most likely to be running a side hustle....
68% of 16-34 year olds are running one or more additional income streams besides their main jobs, earning an average of just under £550 a month on top of their main job. 92% of them want to turn their side hustle into their main income stream.
The percentages drop off for older people with 32% and 28% of 35-44 and 45-54 year olds running a side hustle respectively!
The most popular side hustles...
There's quite a variety but the top four, in order of popularity are:
- second hand selling including upcycling.
- Freelance consulting and writing
- Tech related work
- health and wellness.
The above four together make up 60% of all the different types of side hustle, so that's 40% left for other types, so there is a lot of diversity in there!
Good data....?
The above survey is based on 2000 adults in the UK, and then 1000 who have a 'side hustle', so representativeness isn't too bad for starters.
However I'm not sure from the survey data how they define 'side hustle'...in many cases I think a lot of that additional 40% might be just second jobs, such as bar work or other weekend and evening work.
The researchers after all asked about 'second income streams' but second jobs don't really speak to the phrase side hustle, which implies to my mind a spirit of entrepreneurship.
Another question I'd like to know the answer to is whether that average is median or mean.
And also how much do they get from their main jobs....? This will make a massive difference to how much you need to make from a side hustle.
Raises more questions...
I find this an interesting starting point, but it raises more questions such as how realistic are the possibilities of those side hustles becoming main incomes.
Also, what are the differences in jobs for the age groups.
And how important is mum and dad's house in all of this... £500 a month ain't too bad if mum and dad are paying for your basics! If they're not it's naff all!
So overall, interesting reading, but it's left me feeling more!
Oh, and the company that did the research makes self-employed accounting software... for people with their own side-hustles!
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My side-hustle turned into a full time business. So now crypto is my side-side hustle. 😁
But if you look at the job market, full time wages have basically been stagnant for 15 years, despite increases in the cost of living. I looked at wages in my local area in the South of England, and apart from a few management positions requiring massive experience and specialist professional qualifications, everything else was at (or only a little above) minimum wage, including for what had previously been considered skilled work.
Effectively, everyone is now earning what a junior supervisor used to, and companies have frozen pay for everyone in the middle grades and deleted lower management grades entirely. So side hustles become an essential part of covering the bills.
I know exactly what you mean, it's pretty grim! And it's all dressed up as dynamism, in reality it's just necessity grinding in many cases!
This is a great side hustle of course, why I'm sticking with Hive!
Big time it shows us two things. The first being a single job hardly gets you buy in most cases. The second is a side hustle allows you to do what you love in most cases and get paid. In few cases it can become a massive wealth while a job you're pretty much stuck at whatever they pay you with no bonus for all the hard work and ideas you put forth. As far as I'm concerned the hourly wage and salary are horrible options to motivate workers and I believe they will be changed soon to be more performance based. But for some reason in America we have to treat the lazy dumb people the same as the smart innovative ones.
Very difficult to make doing what you love pay!
There might be some cultural changes coming. In some cultures, such as my own, it is common for there to be multigenerational homes. People move out when they get married. But sometimes they marry and bring the spouse home.
As for the side-hustles. I would safely mix those with second jobs. And there is always the chance that a part-time job can grow to something bigger. You never know where you'll find the perfect environment to do what you're good at doing.
For me, I am in the midst of finding work as I have run out of unemployment benefits. But I am reluctant to find another full-time job. I'm put off by the possibility of being cut off on the whim of some jackass again. I'd rather have multiple jobs where I can adapt if I were to lose any one of them. But life would be much simpler if I just had one job to report to.
I agree there's more security in multiple streams of income, I hope you find something decent soon!
This can also translate as "Half of the adult people need more than one job to survive".
Nicely summarised!