Members of Every Generation Have Side Hustles — But They Don't Spend Their Earnings the Same Way. Here's the Breakdown. Nearly one in five Americans with a side hustle spends their earnings immediately.
By Amanda Breen Edited by Jessica Thomas
Key Takeaways
- Millennials are the most likely generation to have a side hustle (61%).
- Spending and savings strategies across generations can vary considerably – here's how.
Forty percent of Americans have a side hustle to help make ends meet, and millennials are the most likely group to have an extra gig (61%), according to a survey commissioned by Herbalife and conducted by OnePoll, per Talker.
Members of all generations are picking up side hustles nowadays. However, the priorities of a newly graduated Gen Z and seasoned boomer nearing retirement naturally differ — and so do the ways in which they allocate their extra cash.
A recent survey of over 1,000 Americans by SideHustles.com shed light on their spending habits, savings strategies and financial management across generations.
According to the research, nearly one in five side hustlers spend all their side hustle income immediately, and Gen X is the most likely to do so (24%). Groceries and dining out were the top two spending categories across all ages at 54% and 36%, respectively.
Forty-one percent of people with side hustles are saving their extra cash in an emergency fund, with nearly one in six (15%) having saved at least $6,000, per the data.
Related: 15 Weird and Wonderful Side Hustles You Never Knew Existed
Here's the breakdown of average savings from side hustle income for an emergency fund by generation:
- Gen Z ($3,274)
- Millennials ($3,154)
- Gen X ($2,898)
- Baby boomers ($2,110)
Side hustlers who reported saving their earnings revealed common goals like going on vacation and paying off debt: 31% of Gen Z are saving their side hustle income to cover a large purchase, while 29% of Gen Xers and millennials save their side hustle money to pay off large debts.
Related: These Are the Highest-Paying Side Hustles for a Single Day of Work
Additionally, although Gen Z is the most likely to save all their side hustle earnings (22%), they were also most likely to report needing help managing their finances (52%).
