Side Hustlers’ Earnings Increase Despite Decreased Activity: How Much are They Making Now?

Brooklyn, New York – In a shifting economy, side hustlers are recalibrating their approach to generate extra income. Recent data from the consumer finance platform Bankrate reveals that while fewer adults are engaged in side jobs compared to last year, those who do participate are making more money. The average monthly earnings from side gigs have seen a 10% increase, now reaching $891, a growth that outpaces inflation.

Bankrate’s senior credit card analyst, Ted Rossman, highlighted that despite the positive trend, the reliance on secondary sources of income remains alarming, especially in a robust job market. The survey results indicate a shift in the way side-hustlers use their additional income, with a growing number now using it for discretionary spending rather than solely to cover living expenses.

One example is Dreon Owens, a 32-year-old resident of Brooklyn, who has embraced side hustles even after securing a full-time position managing a housing nonprofit group. Owens took on a human resources consulting contract, supplementing his $100,000 annual salary with an additional $2,500 monthly income. His experience reflects a broader sentiment among side-hustlers who navigate financial uncertainties and rising prices.

As the economy finds equilibrium, Federal Reserve Chair Jerome Powell notes a balanced labor market and a more stable economic landscape. While inflation remains a concern, consumers are hopeful for relief in the coming months, according to a report by the New York Fed. Despite the challenges, individuals like Owens find solace in the flexibility and financial stability that side hustles provide.

Looking ahead, the evolving landscape of side hustles underscores the resilience and adaptability of individuals navigating economic shifts. As the labor market evolves and inflation fluctuates, the role of side jobs in supplementing income and providing a financial cushion becomes increasingly significant. In a climate of uncertainty, the ability to harness additional income sources offers a sense of security and empowerment for many striving to achieve financial stability.