Side jobs gain popularity amongst young people
COLUMBIA — The rise in entrepreneurial culture has millennials and generation Z working beyond the typical nine to five.
A 2019 report from Bankrate says in relation to older generations of parents and grandparents, younger adults are generally more likely to have a side-hustle - an extra source of income outside of a day job - and rely on that gig for a larger portion of their income. Additionally, 27% of survey respondents said they are more passionate about their side gig than their primary job or career.
Kraeton Moll and James Wiley, co-owners of Yard DeSIGNS Como, started their side-hustle just two months ago. Already they’re noticing how much they rely on it for a large portion of their income.
“I would say as far as finances, my side hustle makes up about 60-70% of the money that I get every month,” Moll said.
It Girl is a retail brand focused on creating experiences and empowering others. Courtney Elliott, owner of the brand, said her side-hustle provides more than a source of income.
“I always think of having a hobby in two ways: you have the hobby that’s going to make you money, and then you have a hobby just because you like to do it. It’s for leisure. It’s for fun,” Elliott said.
All three business owners agreed having a side-hustle is more important now than it ever has been.
“I think with everything in society getting more expensive, day after day, I think the salaries we’re earning just aren’t enough anymore,” Wiley said. “So, people are needing to look outside to get a little extra income.”
“The place that the economy is in now, you need to, there’s a demand for it,” Elliott said. “I think if you can have a hobby and then get money from it, you should do it.”
The Bankrate report says Americans spend an average of 12 hours a week completing tasks related to their side-hustle and earn an average of $1,122 a month. This means there is an opportunity to make as much as $13,000 a year.
Along with financial freedom and added experience, workers can decide how much time to invest in their side-hustle and where they want to allocate those hours.
“People don’t have as much time as they’ve normally had,” Moll said. “It’s definitely rewarding to be able to put in the time that we’re able to while being rewarded with a lot more.”