Side hustles – what they are and why they work

Financial Advice

A side hustle is any type of work undertaken in addition to a full-time job. It’s often freelance or piecework in nature and provides extra income. It’s not the same as a part-time job, which entails working for someone else who governs the terms of your employment and the hours you work. Side hustles often involve doing things that you’re passionate about and tend to take place in the evening or at weekends. Data shows that side hustles have risen by 32% over the last decade1.

Exploring new avenues

For those who are considering a change of career direction, a side hustle gives the opportunity to try out new ideas and ways of working. The extra cash generated is often used to bolster savings, a deposit for a home, or a cash reserve that can be used to set up a new business.

Side hustles come in all shapes and sizes, from dog walking, freelance writing, teaching or tutoring, to selling things like handicrafts or clothes. They are proving increasingly popular, particularly amongst women who might want to leave a mainstream career at some point and need a Plan B.

1 CEBR, Nov 2018

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