{"id":53497,"date":"2025-07-10T07:12:22","date_gmt":"2025-07-10T07:12:22","guid":{"rendered":"https:\/\/www.europesays.com\/us\/53497\/"},"modified":"2025-07-10T07:12:22","modified_gmt":"2025-07-10T07:12:22","slug":"fewer-americans-taking-on-side-hustles-bankrate-survey-finds","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/53497\/","title":{"rendered":"Fewer Americans taking on side hustles, Bankrate survey finds"},"content":{"rendered":"

(TNND) \u2014 Fewer Americans are taking on a side hustle, according to a new Bankrate survey<\/a>.<\/p>\n

But for those who do, more than a third need the extra money for everyday expenses.<\/p>\n

Bankrate found that 27% of adults have a side hustle.<\/p>\n

That is down noticeably from the past couple of years. It\u2019s down nine percentage points from last year and down 12 percentage points from two years ago.<\/p>\n

The share of people working side hustles is the lowest it\u2019s been since 2017, according to Bankrate.<\/p>\n

\u201cI am surprised about the drop,\u201d Bankrate senior industry analyst Ted Rossman said. \u201cI would attribute it mostly to the fact that inflation has come down. Wage growth has had a chance to catch up. Wage growth has outpaced inflation for about three years now.\u201d<\/p>\n

Measures of consumer sentiment<\/a> are still pretty downbeat, Rossman said.<\/p>\n

But he said the actual economic data isn\u2019t too bad.<\/p>\n

The unemployment rate<\/a> is still quite low. The economy’s been growing. People are spending<\/a>.<\/p>\n

\u201cThe fact that side hustlers are more likely to use the money for discretionary spending is a good sign,\u201d he said. \u201cA couple years ago, more people were side hustling, and they were more likely to be doing it just to make ends meet and put food on the table and a roof over their head.”<\/p>\n

Today, 41% of side hustlers use their side gig to pay for voluntary purchases.<\/p>\n

Thirty-five percent use the extra money for regular living expenses.<\/p>\n

Twenty-eight percent save some of that extra income.<\/p>\n

And 20% use it to pay down debt.<\/p>\n

Side hustlers most commonly earn $50 or less a month.<\/p>\n

But the average monthly income is close to $900, skewed by some of the higher-earning side hustlers.<\/p>\n

The job market is somewhat stagnant<\/a>, with solid job security but timid hiring.<\/p>\n

Rossman said frustrated job seekers might turn to side hustles.<\/p>\n

And he said more people could take on side gigs if tariffs push inflation<\/a>.<\/p>\n

\u201cI still think we’re going to see a rebound in the coming years. I don’t think side hustling is dead by any means,\u201d he said.<\/p>\n

Plus, he said, technology’s making it easier than ever to work a side hustle.<\/p>\n

\u201cAlso, just the changing nature of the workforce, it’s not 50 years and a gold watch and a pension anymore,\u201d Rossman said. \u201cIt hasn’t been for a while.\u201d<\/p>\n

Younger workers especially are looking for multiple income streams.<\/p>\n

And younger workers might use side hustles to get their foot in the door of a new industry or as fodder for their resume.<\/p>\n

Over 30% of Gen Zers and millennials, generally people in their 20s and 30s, have side hustles. Less than a quarter of Gen Xers and boomers have side hustles.<\/p>\n

Rossman said he\u2019s upbeat about \u201cpassion project\u201d side gigs for people. The experience might be just as valuable as the income.<\/p>\n

But he warned folks to be mindful of the burnout risk from taking on a side hustle.<\/p>\n

And he said beware of spending a lot on startup costs.<\/p>\n

\u201cSide hustling is not just driving for Uber and delivering for DoorDash,\u201d he said. \u201cThere are so many things people are doing. Maybe you love pets, and you could do pet sitting or dog walking. Or maybe you’re really good at crafts, or you like kids, and you can do childcare and babysitting.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"(TNND) \u2014 Fewer Americans are taking on a side hustle, according to a new Bankrate survey. But for…\n","protected":false},"author":3,"featured_media":53498,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[10527,64,39775,79,3991,266,12857,39623,19669,67,132,68,39774],"class_list":{"0":"post-53497","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-bankrate","9":"tag-business","10":"tag-discretionary-spending","11":"tag-economy","12":"tag-gen-z","13":"tag-inflation","14":"tag-job-market","15":"tag-millennials","16":"tag-side-hustle","17":"tag-united-states","18":"tag-unitedstates","19":"tag-us","20":"tag-wage-growth"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114827699378665571","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/53497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=53497"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/53497\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/53498"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=53497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=53497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=53497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}