Side Hustles

Here's how much extra money young people make from side hustles

Millennials pull in more money from their side hustles than Gen Xers or baby boomers, according a recent survey by SunTrust bank.

Millennials surveyed said they made an average of $10,972 per year from their side hustles, according to the survey, which is 20% more than Gen Xers ($8,791) and 46% more than baby boomers ($5,892) reported.

SunTrust surveyed 2,028 U.S. adults of different ages and income groups, 1,116 of whom had a side hustle. Millennials were defined as those ages 23 to 38, Gen Xers ages 39 to 54 and baby boomers ages 55 to 73.

The difference in income among age groups may be because more millennials have side hustles than other generations and millennials are also more likely to have multiple side hustles, according to the survey.

Specifically, 64% of millennials said they have a side hustle or have had one in the past, compared to 58% of Gen Xers and 44% of Baby Boomers, the survey found. And 19% of millennials surveyed had more than one side gig, whereas only 13% of Gen Xers and 6% of baby boomers had multiple side gigs.

Overall, 54% of respondents said they have or have had a side hustle.

The majority of those with a side hustle said they were interested in taking it full-time (81%), according to the survey.

So what stops people from making their side gig their main gig? Thirty-six percent said they do not have enough time to dedicate to it, and 30% said they do not have enough financial resources.

The reasons respondents pursued a side hustle varied depending on demographic. Millennials, according to the survey, wanted to generate additional income to add to savings (46%), while Gen Xers and baby boomers wanted to make additional money to spend on leisure activities, like vacations or sporting events (43% and 47% respectively).

(Millennials have good reason to add to their savings. They currently have lower net worths than their parents did at their age. The median net worth of millennial households was about $12,500 in 2016, while boomers had $20,700 at the same age in 1983, Pew Research Center found. Gen X households had about $15,100 at the same age in 2001.)

For millennials, the top side-gig industries, according to the SunTrust survey, were: personal services, or being a babysitter, dog walker or personal assistant (29%); professional services, which was defined as baking or cooking, being a writer, a photographer, a graphic designer or a financial adviser (23%); and arts and crafts, which was defined as being a painter or jewelry maker (20%).

Across each age group, the top industries were: personal services, professional services, and arts and crafts or direct sales. The industries with the fewest participants across all three demographics were ride-share driver, blogger or influencer and fitness trainer.

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