- 61% of them claim it was because of covid-19 (rising to 67% of 16-24 year olds).
- Close to a third say it was out of necessity - to ‘make ends meet’ (30%) or pay off debt (18%).
- Average side hustle income £497 per month; 16% claim to earn more than £1000 a month.
- Most popular gig is selling handcrafted products (23%) but, being a social media influencer, driving a taxi and offering nutritional advice are also on the list.
One in five (19%) adults in the UK have started a ‘side hustle’ since March 2020 and, almost one in six (16%) claim to earn upwards of £1,000 a month from their new venture, according to new research from insurance provider, Aviva.
Just under two thirds (63%) of those who started a side hustle since March 2020, the equivalent of 6.49 million Brits1, are still active in them today. 37% have returned to their day jobs being their main source of income now that lockdowns are over and normality has ensued.
The most popular ‘side hustle’ people chose to pursue was to ‘sell handcrafted products’ (23%), followed by freelancing (12%). One in nine (11%) turned to art, 9% to photography, while a similar number (10%) tried their hand at being a social media influencer. This was most popular with those aged 16-24 (13%) – no one in the 55+ age bracket pursued this as a supplementary activity. Other, slightly less popular, income boosters included becoming a courier (6%), teaching (6%), driving a taxi (4%) and offering nutritional advice(4%).
When asked what their original motivation was to start a side hustle in addition to their normal, full time job during the pandemic, most say it was financially motivated. Two in five (39%) people said they did it because they saw an opportunity to turn a hobby into an income; others to ‘make ends meet’ (30%); become financially independent (21%) or to pay off debts (18%). Over a quarter (27%) started their new vocation to empower themselves/ gain confidence and improve their mental health, while 16% just wanted to practice the skills they had attained (i.e. photography, counselling etc).
There is no doubt that there is extra money to be made when individuals exploit their talents and skills to produce products or provide services that other people want. And, there’s no shortage of people in the UK looking to buy those products or services. On average, side hustlers make around £497 a month from their secondary income, with more than one in four (28%) earning more than £500 a month.
Almost two in five (38%) people used the money they earnt from their side hustle for day-to-day living expenses (rent, food, clothes). Encouragingly, one in four (25%) said it was used to save for tomorrow or the longer term (i.e. pensions) – this figure was consistent across all age groups and genders. Interestingly, three times the number of men (23%) to women (only 7%) said they used the extra income they earned to ‘invest in stocks, shares and cryptocurrencies’.
Alistair McQueen, Head of Savings & Retirement at Aviva said: “The pandemic has transformed how we relate to work. Aviva’s research reveals two sides to this story. For some, the pandemic has brought greater work-life flexibility. This appears to have fuelled a boom in ‘side hustles’. For others, the pandemic has brought greater financial strain and this appears to have a fuelled a need to look elsewhere to make ends meet.
“The enterprise is to be admired and the talents are to be celebrated. It’s also impressive that many are looking to use the extra income to bolster tomorrow’s longer-term financial needs, as well as those of today.”
1. ONS figures show there are 54,098,971 Brits aged 16+. 63% of those who started a side hustle and are still doing it equates to 6.49 million.
About the research:
The research was conducted by Censuswide between 05.05.2022 – 11.05.2022, from 2005 nationally representative UK respondents.
Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles.
Notes to editors:
- We are the UK’s leading Insurance, Wealth & Retirement business and we operate in the UK, Ireland and Canada. We also have international investments in Singapore, China and India.
- We help our 18.5 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
- We have been taking care of people for 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2021, we paid £30.2 billion in claims and benefits to our customers.
- Aviva is a market leader in sustainability. In 2021, we announced our plan to become a Net Zero carbon emissions company by 2040, the first major insurance company in the world to do so. This plan means Net Zero carbon emissions from our investments by 2040; setting out a clear pathway to get there with a cut of 25% in the carbon intensity of our investments by 2025 and of 60% by 2030; and Net Zero carbon emissions from our own operations and supply chain by 2030. Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition at www.aviva.com/sustainability.
- Aviva is a Living Wage and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/
- At 31 December 2021, total Group assets under management at Aviva Group were £401 billion. Our Solvency II shareholder capital surplus is £8.8 billion as at 31 March 2022. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
- For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us
- The Aviva newsroom at www.aviva.com/newsroom includes links to our spokespeople images, podcasts, research reports and our news release archive. Sign up to get the latest news from Aviva by email.
- You can follow us on:
- For the latest corporate films from around our business, subscribe to our YouTube channel: www.youtube.com/user/aviva