The number of Americans with side hustles is shrinking, according to a new survey from Bankrate.
The survey found 27% of working Americans have a second stream of income, a decrease of nine points from 2024 and the lowest percentage since 2017.
Bankrate said American side hustles were at an all-time high in 2023, as Americans had various freelance gigs from walking dogs to driving Ubers as they grappled with record-high inflation.
Gen Z lead the pack with side hustles, with 34% supplementing their income with a side job, ahead of 31% of millennials, 23% of Gen Xers and 22% of boomers.
While 41% of side hustlers overall use the extra money to fund discretionary purchases, 35% use it for regular living expenses, 28% save at least some of the money and 20% use it to pay down debt, according to the survey.
Median side hustle income earnings are currently at $200 per month, down from $250 per month in 2024, according to Bankrate. Average side hustler monthly income is also down slightly from last year, $891 to $885.
Bankrate said having a side hustle can help make people feel better about economic uncertainties.
“Young people are already inherently more vulnerable financially than their older counterparts because they haven’t had as much time to build up a safety net,” says Sarah Foster, economic analyst for Bankrate said. “But we also find in surveys that they feel concerns about job security more intensely, likely stemming from the lasting impact of launching their careers in a challenging market, which has undoubtedly left a mark on their mindset.”
Bankrate surveyed 2,616 adults from June 2-4.
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