Amid widespread layoffs, workers are taking charge of their careers, turning to side hustles to upskill and future-proof themselves
MENLO PARK, Calif., Oct. 17, 2024 -- Quicken, maker of America's best-selling personal finance software, today shared additional findings from its recent survey about Americans who work side hustles. It indicates that many Americans, especially Gen Z, are taking on side hustles to build skills for the future. Following extensive layoffs across tech, media, and other sectors, many young Americans are taking control over the future of their careers.
Nearly one in five (18%) Americans with a side hustle say they are building skills for future careers, demonstrating that these endeavors are more than just a means to earn extra income for some. When looking at Gen Z members of this group, this number jumps to 44%, highlighting how the workforce's current youngest generation is taking charge of their professional development in response to heightened anxiety and disillusionment with the traditional 9-to-5 work model.
Desire for independence and self-sufficiency is another reason people choose to have a side hustle, with 72% of multi-job Americans reporting they enjoy working for themselves more than being tied to a corporation. Nearly three-fourths (73%) of those who prefer self-employment say they are happier managing multiple jobs than investing all of their efforts into one. While two in five (40%) Americans with side hustles say they dream of quitting their full-time jobs to focus solely on their second job, many keep their side hustle under wraps for now - only half (50%) of Americans with multiple sources of income say they have disclosed their side hustle to their full-time employer.
"In today's evolving economy, more Americans are embracing side hustles, not just as a source of supplemental income but as a way to build new skills," said Eric Dunn, CEO of Quicken. "Whether they're looking to advance in their careers or eventually work for themselves, these entrepreneurial efforts are creating a path toward greater financial independence and personal fulfillment."
Side hustles are transforming career paths and empowering individuals to find greater professional fulfillment and financial success. In the wake of widespread layoffs, 20% of Americans with side hustles are investing in their secondary income streams. More than half (52%) are considering quitting their full-time jobs within the next year. Americans with side hustles cite a range of benefits including feeling more financially secure (72%), experiencing reduced financial stress (67%), and no longer having to live paycheck to paycheck (68%).
As side hustles reshape career paths and provide greater financial stability, more Americans are finding fulfillment in diversifying their income streams. Check out more survey results here.
Methodology: Quicken conducted this research using an online survey distributed by PureSpectrum among n=1,008 adults (age 18+) in the United States who have more than one source of income from different jobs. The sample was equally split between gender, with a spread of age groups, household income, and geographies represented. Data was collected from June 6 through June 12, 2024. In this survey, a side hustle is defined as any extra income someone earns on the side of their main source of income, such as their primary job or source of income.
About Quicken
Quicken is the best-selling personal finance software in the U.S. and was recently named to CNBC's World's Top Fintech Companies List for 2024. For over 40 years, more than 20 million customers have relied on Quicken to help them take control of their finances and lead healthier financial lives. Quicken's award-winning suite of personal finance software and apps includes Quicken Simplifi (recognized by PCMag as the Editors' Choice winner for personal finance apps), Quicken Classic Business & Personal, Quicken Classic Premier, and Quicken Classic Deluxe.
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