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Personal wealth: Side hustles are becoming a necessity amid inflation

As inflation continues to rise, many people are turning to side hustles to help make ends meet. Bankrate Senior Industry Analyst Ted Rossman joins Yahoo Finance on June 21, 2022 and outlines demographic trends, the effect of gender income disparity and more.

Video Transcript

TED ROSSMAN: On one hand, we have fewer people side hustling. But then on the other, we have more people doing it out of necessity. Young adults are the most likely to be side hustling. And it peaks with younger millennials. Those 26 to 32-year-olds, 43% of them have a side hustle. So interestingly, over time, the prevalence of a side hustle fades. Fewer than one in five boomers have a side hustle. Their side hustles, though, tend to be more lucrative.

Unfortunately, that gender pay gap is extending to side hustles. We found that the average male side hustler brings in about $1,500 a month. For women, it's just $571. We looked into the most common side hustles. For men, it's home repair and landscaping. For women, it's babysitting and childcare. On the face of it, I'm not sure those things would pay all that differently. So hard to explain. But big difference in the number.