Inflation is taking its toll on Americans, and it's impacting the so-called 'side hustle' industry.
According to a new survey from Bankrate, 39% of U.S. adults now have a side gig. Plus, 44% of side hustlers think they'll always need one to keep up their lifestyle.
“Side hustles have become more common, but like so many things in this inflationary environment, people are working harder but not necessarily getting ahead," says Ted Rossman, Senior Industry Analyst at Bankrate.
There's a wide range of outcomes for those with a side hustle. But the average amount a side hustler takes home is $810 per month.
Still, almost shockingly, 28 percent of people with a side hustle only make $1 to $50 a month!
The most popular use for the extra money is living expenses. Which doesn't make it feel like "extra" money much at all.
"Side hustlers are much more likely to view this extra income as essential, rather than a passion project or a way to get ahead financially," Rossman adds.
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