The rising costs of living are causing many to explore so-called “side hustles” (second jobs with flexible hours and demands) in order to support themselves and their families.
WHY IT MATTERS – The changing nature of work for Americans will have consequences on tax and labor policy.
WHY A SIDE HUSTLE? – A recent survey from OnePoll asked individuals why they decided to pursue a side hustle.
- 55 percent- to make ends meet
- 40 percent- rising cost of living
- 38 percent- being less reliant on a single source of income
- 36 percent- wanting to have a disposable income
MOST COMMON SIDE HUSTLES– The survey also asked the respondents about their side hustles and found the following are the most popular:
- Selling products on e-commerce websites
- Content Creation
- Writing or editing and proofreading
- Direct sales
FINANCIAL FUTURE– The OnePoll Survey asked individuals questions about their financial future.
- If faced with an unexpected $500 expense, more than half of the respondents would not be able to cover essential expenses later in the month.
- 58 percent of respondents confess to having no clue about their financial future
- 51 percent of respondents said their financial situation has a negative impact on their mental health.
BOTTOM LINE– Americans are short on savings and the Internet provides Americans with new ways to supplement their income.
GO DEEPER–
Study Finds–The grind is real: 55% have started side hustles to make ends meet