As wages continue to trail rising costs of living, millennials (those between the ages of 26 and 41), many of whom are approaching the height of their careers, still need to supplement income from other sources to get by.
New data from Academized shows that 52% of millennials are working side hustles to earn extra money. This group has been dubbed “polyworkers,” and the findings on their pay, a side job’s impact on productivity and the long-term sustainability of having multiple jobs are noteworthy for CFOs evaluating human capital allocations, assessing workforce sentiment and conducting pay audits.
Side hustles and additional income
The data indicates that among those working multiple jobs, most believe one extra side gig is not enough. Nearly a quarter (24%) have three jobs and a third (33%) have four or more income-earning opportunities outside their full-time work.
Reasons for wanting extra pay include adding to savings, pursuing personal interests, gaining skills for career advancement or improving work-life balance. Surveyors did not ask if this group was working to support families or adjust to rising costs of living, two points that would have been valuable. However, they did quantify the amount of time spent on side hustles, with nearly two-thirds saying the time equates to a part-time job, with five to 20 hours per week spent in addition to their full-time work.
On average, millennials with side gigs are netting a yearly income of $12,689 from them. However, surveyors mention that those who freelance in technology have reported earning an extra $45,000. On the bottom end, some workers had side jobs that netted them only $1,200 per year.
Managing stress and career perspectives
Although those with side hustles have less time and are likely working because of a financial shortfall, they are less stressed than those who do not have additional income. Over a quarter (26%) of survey respondents said they have personal relationship problems because of their side hustles. However, nearly a third (31%) said there are no major disadvantages to their multiple job commitments and consider the gigs “worthwhile.”
Overall, 41% of those with side hustles said the extra income has reduced their stress around personal finances. Over a third (34%) said they have reduced stress overall, and a quarter (25%) said they still struggle with financial pressures. Over a third (35%) also credited AI tools with helping manage their side hustles.
When asked about the sustainability of their side hustles, nearly 6 in 10 (58%) said they plan to keep multiple income streams alive. Some workers prefer traditional careers, as 33% said they would rather have just one job long-term because of potential burnout.
