44% of Americans Have a Side Hustle Amid Inflation, Most Popular with Gen Zers

As inflation makes life more expensive and the holiday season continues, LendingTree found that 70% of those with a side hustle are reliant on the extra income

CHARLOTTE, NC, Dec 7, 2022 /PRNewswire/ — LendingTree®the nation’s leading online financial services marketplace, released its survey finding that 44% of Americans have a side hustle amid inflation, up 13% from 2020. The top side hustlers are Gen Zers, with 62% stating they have a side gig. Inflation is forcing Americans to rely on the extra income, as 43% need the money from their side hustle to pay their primary expenses or bills, and 71% aren’t certain they’d still be able to pay all their bills if their side hustle disappeared.

Key findings

  • Inflation isn’t the only thing on the rise. As consumers combat soaring costs, 44% of Americans report having a side hustle. That compares to the 39% who said they had a side hustle in 2020 — an increase of 13%.
  • The top side hustlers? Gen Zers ages 18 to 25 (62%), millennials ages 26 to 41 (55%), and parents with children younger than 18 (54%) are the most likely to have a side gig.
  • Side hustlers are working hard to fill financial gaps, as 43% say they need the money to pay their primary expenses or bills, and 68% say they rely more on the extra income because of price increases.
  • Side jobs are bringing home the bacon, with americans earning $473 a month, on average, from their side hustle—or almost $5,700 a year. menu ($568) and parents with children younger than 18 ($533) are among the side hustlers who bring in the most dough monthly.
  • The top side hustles are making and selling items on sites like Etsy (8%); babysitting, pet sitting, and caretaking (7%); and delivering food or groceries with services like Instacart, DoorDash and Uber Eats (6%).

LendingTree’s chief credit analyst, matt schultzadds, “With inflation running rampant, more and more people have embraced side hustles out of necessity. Life is really expensive today, and many people need that extra side hustle income to make ends meet or to provide themselves with a little bit of financial wiggle room.Yes, many Americans have started side hustles to follow dreams and chase big goals, but for others, they’re doing it because they need to.”

To view the full report, visit
https://www.lendingtree.com/debt-consolidation/side-hustlers-survey/

methodology
LendingTree commissioned Qualtrics to conduct an online survey of 2,073 US consumers ages 18 to 76 from Nov. 1 to 3, 2022. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.

We defined generations as the following ages in 2022:

  • Generation Z: 18 to 25
  • Millennials: 26 to 41
  • Generation X: 42 to 56
  • Baby boomers: 57 to 76

About Lending Tree, Inc.
LendingTree is one of the nation’s largest, most experienced online financial platform, created to give power to consumers so more people can win financially. LendingTree strives to provide consumers with easy access to the best offers on home loans, personal loans, insurance, credit cards, student loans, business loans, home equity loans/lines of credit, auto loans and more, through its network of over 500 partners . Founded in 1996 and launched nationally in 1998, LendingTree has helped over 111 million consumers obtain financing, save money, and improve their financial and credit health with transparency, education, and support throughout their financial journey.

LendingTree, Inc. is headquartered in Charlotte, N.C.. For more information, please visit www.lendingtree.com.

MEDIA CONTACT:
nelson garcia
[email protected]
704-943-8208

SOURCE Lending Tree, Inc.

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