An increasing number of full-time workers in the UK are seeking out secondary sources of income. While some are entrepreneurs pursuing their dreams, others are trying to make ends meet.
The number of ‘side hustlers’ – individuals who run their own business in addition to their day jobs – has risen by 32% in the last decade, according to research by Centre for Economics and Business Research (CEBR) and web hosting firm GoDaddy.
CEBR reports that individuals with these secondary incomes have boosted the UK economy by £14.4bn, with every 1,000 side hustles creating an extra 876 jobs. Figures from 2016 show that 600,000 day jobs were supported by side hustles.
Entrepreneurial young people aren’t the only ones looking to gain extra experience (and additional income): GoDaddy’s report found that 44% of side hustlers are parents with at least one child under 19 living at home.
“Side hustlers are here to stay – these people all have their own ideas, their own motivations and are pursuing the passions they love,” says Irana Wasti, head of GoDaddy EMEA. “People who pursue their business passions on top of their 9-5 often bring a unique perspective to the office and can challenge us to be more creative and entrepreneurial.”
In a separate study released this week, chore outsourcing platform Airtasker found that 70% of the 2,000 young people they surveyed had a second job. One-fifth of this group said they had taken up second jobs to cover debt and living expenses, while 14% are saving to buy a property. An even smaller subset (12%) said they were pursuing extra work to fulfill an interest or hobby.
What do side hustles mean for traditional employers?
The only people who seem oblivious to the rise of the side hustle are 9 to 5 employers. An investigation published by Henley Business School earlier this year revealed that 54% of business leaders say they have no strong feelings on side-working, and only 26% require staff to notify them of secondary jobs.
According to Henley, this inaction could cost UK businesses more than £340m a year if top talent quit in favour of more supportive, flexible employers.
Read more about side hustles:
- One in three side hustlers fail to declare taxable earnings to HMRC
- Modern employment guru Taylor calls for policy framework around “side hustling”
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