According to a LendingClub report, 62% of all American adults were living paycheck to paycheck in February — up from 60% the month earlier.
So, to make ends meet, more people have picked up a side hustle or alternative income source to improve their financial standing.
A report from Lending Tree found that 44% of U.S. adults report having a side hustle. By generation, 62% of Gen Zers (ages 18 to 25), 55% of millennials (ages 26 to 41) and 54% of parents with children younger than 18 have a side gig.
But, on average, Americans are only earning $473 a month, or about $5,700 a year, from their side hustle.
43% of the Lending Tree survey respondents who had a side hustle said they need the money to pay their primary expenses or bills, with 68% saying they are not relying more on the extra income due to inflation.
The top side hustles include:
- Making and selling items on websites like Etsy, Ebay and Poshmark.
- Babysitting, pet sitting and care taking.
- Delivering food or groceries with services like Instacart, DoorDash and Uber Eats.
On average, Americans spend 13 hours per week on these side hustles.
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Market Recap Week of 3/20/2023 Through 3/24/2023