Nearly Half of Parents Are Side Hustling: Supplementing Income or Following a Passion?

Nearly Half of Parents Are Side Hustling: Supplementing Income or Following a Passion?

Summary:

Imagine the daily juggling act of parenthood: early mornings, school lunches, after-school activities, and bedtime routines. Now, add in the extra work of a side hustle. According to a new survey, nearly half of all parents with young children are doing just that.

Key Takeaways:

  • Nearly 50% (forty-five percent) of parents with children under 18 are juggling a side hustle alongside their main job.
  • The average side hustle income for these parents is $891 (eight hundred ninety-one dollars) per month.

The Bankrate survey reveals a significant trend: parents are increasingly turning to side hustles to supplement their income or pursue passions. This rise in parent-preneurs can be attributed to several factors, including the rising cost of living and the increased flexibility offered by many side hustle opportunities.

The Rise of the Parent-preneur

The survey dives deeper, revealing a clear distinction between parents and non-parents when it comes to side hustles. Nearly half (45%) of parents with kids younger than 18 have a side hustle compared to 36% (thirty-six percent) of childless adults and 28% (twenty-eight percent) of parents with adult children. This suggests that the financial demands of raising children are a significant motivator for parents to pursue additional income streams.

The average monthly side hustle income for these parents is $891 (eight hundred ninety-one dollars). While this figure may not be life-changing, it can be a significant boost to a family's budget. These funds can be used for a variety of purposes, including:

  • Paying bills: The rising cost of everything from groceries to childcare can put a strain on any family's budget. A side hustle can provide much-needed financial security.
  • Building Savings: Whether it's for a child's college education or a dream vacation, a side hustle can help parents save for their future.
  • Discretionary Spending: The extra income from a side hustle can allow parents to enjoy some well-deserved fun, like a night out or a weekend getaway.

The Future of Side Hustles

The Bankrate survey also found that the majority of Americans with side hustles (52% - fifty-two percent) have only been at it for less than two years. This suggests that the side hustle trend is still relatively new and is likely to continue growing in the future. 

For many parents, side hustles have become an essential part of the financial equation. The flexibility and income potential of side hustles can provide much-needed relief and allow parents to pursue their goals. Whether it's building a financial safety net or following a long-held dream, side hustles are empowering parents to take control of their financial future.