Ruth Washburn, a full-time worker, spends her spare time sewing memory bears, quilts, and pillows from loved one’s clothing through her business Quilts and Bears.
“The most rewarding thing for me,” Washburn said, “is knowing that someone has a physical reminder to hold onto, not just a picture.”
What started as a creative outlet for Washburn has now become a side hustle.
In 2024, she is just one of the many Americans embracing side gigs.
A recent survey by Bankrate shows that 36% of adults are earning extra income through side hustles, a slight decrease from 39% in 2023 but a significant increase from pre-pandemic levels. In 2017, only 19% of workers had a side hustle.
Ted Rossman of Bankrate expressed concern over the reasons behind taking on side jobs.
“Many people are doing it out of necessity,” he explained. “The extra money is mostly used for day-to-day expenses, not savings or debt repayment. This is surprising given the strong job market in recent years.”
RELATED STORY | More than half of Americans are losing sleep over finances. Here are ways to manage your money
The survey also reveals that parents with young children are more likely to have a side hustle, with 45% of them having one compared to 28% of parents with adult children and 36% of individuals without kids.
Additionally, 32% of side hustlers believe they will always need the extra income to make ends meet.
Entrepreneur Dutch Mendenhall echoed this sentiment, particularly highlighting the challenges faced by side hustlers in the real estate industry.
RELATED STORY | Mastering Your Money: Helping you navigate personal finances
Despite the challenges, Bankrate reports that side hustlers make an average of $891 per month in additional income, an increase from $810 in 2023.
Rossman commended the hard work of side hustlers but cautioned against the risk of burnout due to the high time commitment.
He hopes more people will use side hustles to pay off debt or pursue passion projects, similar to Ruth Washburn.
“It’s fulfilling and touches my heart,” Washburn expressed.
