Side Hustler Spending: Who Saves, Who Splurges?

• Nearly 1 in 5 side hustlers spend all their side hustle income immediately, with Gen X (24%) being the most likely to do so.
• Gen Z (22%) is the most likely to save all their side hustle earnings.
• 43% of Gen Z spend their extra income from side hustles on dining out, while 40% of millennials use their extra income to pay off debt.
• 58% of Gen X and 55% of millennials spend their side hustle income on groceries.
• 57% of women primarily spend their extra income from side hustles on groceries, compared to 51% of men.
• 31% of women use their extra income for clothing and accessories, compared to 22% of men.

• 41% of side hustlers saving their extra income are doing so to build an emergency fund. Nearly 1 in 6 (15%) have saved at least $6,000.
• 43% of millennials and 35% of Gen Z save money from their side hustles to build an emergency fund.
• Average savings from side hustle earnings toward an emergency fund, by generation:
  • Gen Z ($3,274)
  • Millennials ($3,154)
  • Gen X ($2,898)
  • Baby boomers ($2,110)

• Gen Z (21%) are the most likely to have saved at least $6,000 from their side hustle earnings.
• Average savings from side hustle earnings toward an emergency fund, by gender:
  • Men ($3,266)
  • Women ($2,830)

• Side hustlers reported saving 44% of their side hustle income each month, with common goals including travel/vacation (28%) and paying off large debts (26%).
• Side hustlers in the finance industry save the highest percentage of their side hustle income each month (56%), while those in hospitality, food, and beverage save the lowest (38%).
• 29% of Gen Xers and millennials save their side hustle money to pay off large debts.
• 31% of Gen Z are saving their side hustle money to be able to make a large purchase.
• Gen Z (52%) are the most likely to report needing help managing their finances, including side hustle income.

For this campaign, we surveyed 1,005 Americans with a side hustle on July 23, 2024, to explore how they manage their extra income, including spending habits, emergency fund savings, and financial management needs.

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