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Working in the U.S. in 2019: Multiple Income Streams

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Working in the U.S. in 2019: Multiple Income Streams

While there are rumblings of a recession, the economy is currently doing quite well.  Unemployment is at a low of 3.7%.  How are workers making their money?  In our Future of Money Study we look at the prevalence of multiple income streams.

The Side Hustle

Americans are creative about supplementing their income.  Over one third (36%) of all U.S. adults report having a side hustle. Millennials  and Gen Z disproportionately have side hustles (51% and 48%) vs. Gen X (35%) and Boomers (19%).

36% US have a side hustle

For those who have a side hustle, nearly a quarter (24%) describe their side hustle as being their primary or only source of income.  Sound like a contradiction?  Our research suggests that many Americans don’t think of their side hustle as something extra.  These various income streams are their main source of income.

Gen Z and Millennials are most likely to report their side hustle as their primary source of income.

For those who have a side hustle, nearly a quarter (24%) describe their side hustle as being their primary or only source of income. Sound like a contradiction? Our research suggests that many Americans don’t think of their side hustle as something extra. These various income streams are their main source of income. Gen Z and Millennials are most likely to report their side hustle as their primary source of income.

  • Overall, selling online remains the most common side hustle (28%).
  • For Gen Z and Millennials, side hustles are selling online (Gen Z=33% and Millennials=36%) and social media influencing (Gen Z=21% and Millennials=15%), setting them apart from other generations.
  • Income from side hustles is primarily used for living expenses (43%), and is also used for vacation (35%), savings (31%), and passion projects/hobbies (30%).

Related: Gen Z is the Newest Generation of Investors Leaning Toward Automated Investing Advice

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