It's official: we live in a side hustle nation. According to new research, more than two-thirds (68%) of working Brits have some kind of secondary income.
More women than men took on a lockdown side hustle, the research by 118 118 Money found, but men are earning more from them: an average of £427 a month compared to £392 among women.
Overall, Brits with a side hustle are adding an average of £4,932 to their annual income.
Side hustles are most common among millennials, with 78% of Brits aged between 25 and 34 having some kind of side hustle. However, Gen Z are earning the most from their secondary sources of income: an average of £546 a month.
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This adds up to £6,552 over the course of the year, underlining the fact that Gen Z are incredibly financially savvy. Recent research shows that despite being hit hardest by the pandemic, they're actually the best savers.
According to the research, podcasting is the most lucrative side hustle with average earnings approaching £1,000 a month. Selling handmade candles, blogging, and renting out a flat or space within a flat aren't too far behind.
Check out the average earnings from 10 popular side hustles below:
Podcasting - £954 a month
Selling handmade candles – £670 a month
Renting out a flat/space – £657 a month
Blogging – £646 a month
Selling soft furnishings – £616 a month
Selling handmade clothing/accessories – £528 a month
Selling handmade soaps – £525 a month
Writing e-books – £517 a month
Selling handmade food/drink products – £485 a month
Investing –£451 a month
Selling handmade candles – £670 a month
Renting out a flat/space – £657 a month
Blogging – £646 a month
Selling soft furnishings – £616 a month
Selling handmade clothing/accessories – £528 a month
Selling handmade soaps – £525 a month
Writing e-books – £517 a month
Selling handmade food/drink products – £485 a month
Investing –£451 a month
According to the research, the most popular form of side hustle is selling handmade items – in fact, this accounts for 59% of side hustles in the UK.
Meanwhile, 20% of Brits earn their extra income through investing, and 12% top up their salaries by selling antiques or collectibles. Just remember: whatever your side hustle looks like, it's vital to get the right financial advice before you begin so you're not caught out.