Earning extra money on the side surges in the pandemic: More than half of Britons with ‘side hustles’ started them in the last 18 months
- About 10% of those surveyed are considering a side gig if they’re furloughed
- Those with side hustles added an average of £6,300 more in income this year
- AirTasker estimates side hustles are worth around £346bn to the UK economy
More than half of Britons with ‘side hustles’ started during the coronavirus pandemic, new research has found.
A survey of 2,000 UK workers by online freelancer marketplace Fiverr found 58 per cent of those who are moonlighting in some form began doing so after March 2020.
According to the firm, more Britons have been encouraged to earn extra money from irregular employment due to the pandemic, higher living costs and the need to ‘deliver a perfect Christmas’.
New job: A survey of 2,000 UK workers by online freelancer marketplace Fiverr said 58 per cent of those who are moonlighting in some form began doing so sometime from March 2020
In addition, it discovered that 23 per cent of workers said worries about losing their job are making them contemplate beginning a side hustle, while about 10 per cent said they would consider it if they are furloughed.
Younger people are also more likely to have branched into side hustling, with 31 per cent of 16-24-year-olds having an additional job compared to about a fifth among the population overall.
Those with side hustles have added an average of £6,300 more in income this year.
Examples include online sales, public relations and marketing, copywriting, gaming, website development, and television, film and music production.
Though Covid-19 has encouraged more people to earn a little money on the side, side hustles have grown more common in recent years as wage stagnation has led many to find increasingly unconventional ways to pay the bills.
They can also be very lucrative for the broader economy. One study by local services marketplace firm AirTasker has estimated that side hustles are worth about £346billion to the UK economy.
On publishing the research, AirTasker’s co-founder Tim Fung said: ‘The global pandemic has made many of us rethink our lifestyle and what’s important to us, so it’s great to see so many Brits learning new skills – whether it’s been to pursue a passion or hobby, diversify their skillset or to further their career development.’
Podcast: Best of 2021 and Steven Bartlett’s tips on starting a business
It’s safe to say 2021 has been an eventful one for the economy and personal finance – and our podcast has covered it all.
Georgie Frost takes a look back at some of the best bits of the show starring Simon Lambert, Lee Boyce, Tanya Jefferies and Helen Crane.
Plus, as a special New Year’s bonus, this week’s podcast features an interview with entrepreneur, Diary of a CEO podcaster and new Dragon in the den, Steven Bartlett.