A new survey reveals that 93% of working Americans also work a side gig to make extra cash - Insuranks.com
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2023 is shaping up to be an unpredictable year for Americans financially. With inflation putting extra pressure on our bank accounts, and an impending recession, you might be wondering what you can do to make some extra cash on the side.
There is no shortage in possible side hustles, and most only require an easy sign up through an app. Think Uber, Etsy, Amazon, DoorDash,Depopand other e-commerce ventures. You can sell candles,arts and crafts andbaked goods- from home or throughfarmers markets, start aretail business, become a bartenderor aDJ, dog walker or pet sitter, provide online personal trainer classes and so much more! The list of possible side hustles is ever-growing, and there’s no shortage of opportunities for those who want to make a little extra money nowadays...
Gone are the days of working 9 to 5. A new survey of over 1,000 Americans finds a whopping 93% of Americans who are currently working part-time or full-time have a side hustle. Of those, 38% work one side job, 38% work two, and 20% work three or more.
When asked what type of side hustles they have, an overwhelming 95% say they do online surveys to earn extra bucks. 18% sell items on sites like eBay, Craigslist, and Facebook Marketplace. 13% do freelance work, and 9% sell their used clothes on sites like Depop.
When asked why Americans are working a side hustle, most (63%) say it’s for something to do and a bit of extra cash. 44% say they need to do it to make ends meet and cover their bills. 32% say they genuinely enjoy it.
Inflation is pushing the prices of necessities (and just about everything else) up, and 28% say this is the reason they’ve taken up a side gig. Additionally, 26% say they work the extra job to pay down debt faster.
Investing extra hours outside of work seems to be paying off. The average monthly income from a side hustle is $483 (or almost $6,000 a year). This differs between men and women, with men earning an average of $596 every month and women earning $378 every month.
Side hustles may be more than just a source of extra income. They also may be an extra source of joy. 90% say they enjoy their side hustle, and 49% would quit their full-time job if they made enough money from their side hustle. In fact, 41% like their side hustle more than their full-time job.
Working Americans are dedicating an extra 13 hours per week on average to their side hustle. That’s an average hourly wage of $37. 35% have worked a side hustle for more than three years. 20% have worked their side hustle for two years, and 16% have worked their side hustle for over one year. 26% have had their side hustle for less than a year.
Some side hustles have small business insurance options. Even yoga teachers, pilates instructors, personal trainers and food delivery drivers can get business insurance to protect themselves and cover them in an emergency. Despite this, a high 92% of workers have never checked to see if they need insurance.
Small business insurance doesn't need to break the bank, and it’s worth checking to see if a simple general liability insurance policy (the most recommended for side gigs) would be beneficial. Based on our data, this costs on average around $33 per month (or about $400) per year.
Of the 5% of side hustle workers who have checked to see if they need insurance, 2% currently have it, and spend an average of $70 every month. That’s more than double the average cost of side hustle business insurance. Be sure to compare quotes online before purchasing an insurance policy and find the best price that is closer or even cheaper than the average for your side hustle business.
Many Americans are feeling the pressure of inflation, with 29% saying that inflation was a factor in signing up for an extra job. Around half (51%) of Americans also say they’re considering taking up an additional side hustle because of inflation.
Although it requires more hours and maybe some extra stress, 97% say they’ll continue working their side hustle in the future, and 93% say working a side hustle is worth it. It’s clear that Americans see the benefits of working an extra gig on top of their main job, and most really enjoy it.
Methodology
In May 2022, we surveyed 1,006 full-time and part-time Americans workers about their side hustles and income. Respondents were 49% female, 49% male, and 2% transgender/non-binary. The age range was 18 to 84, with an average age of 37 years old.
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Fair Use
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1 / 5
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
1 / 5
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
1 / 5
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
5 / 5
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
5 / 5
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
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