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Half of Millennials Are Earning Extra Cash on the Side to Save More

A new Bankrate.com survey revealed that about 48% of millennials workers use the gig economy to earn extra income on the side. The trend is catching up quickly and moving beyond Uber and Lyft.

Americans can’t get enough of gigs

Bankrate.com’s study revealed insights into the mind of millennials (people under the age of 37) who are finding great opportunities to earn an extra income via the gig economy. Stories of people like 27-year-old sales manager and part-time law student Kelsea Gaspari were highlighted in the study.

Half of Millennials Are Earning Extra Cash on the Side with Gig Economy

Gaspari spends about 10 hours a week walking dogs using platforms like Rover and Wag and earns an extra $100 to $300 per week. Several millennials are working a side job to earn extra money, pay their debt or to boost their savings.

Editor of rating and review website for gig economy platforms SideHusl.com Kathy Kristof said that the work environment is very flexible. In the gig economy setup, people use their extra hours to see if they could earn extra income or contribute towards their loan payment.

It’s not just about Uber and Lyft

It is interesting to note that the gig economy is not limited to driving an Uber or Lyft. Millennial workforce can now work a variety of jobs. Moreover, ride-hailing apps have little flexibility and do not leave drivers with an opportunity to earn significantly. Kristof noted that people don’t fear the work anymore. Instead, they are looking for cool things to do that all help them make money.

Bankrate’s survey of 2550 adults shows that other generations are also enjoying the fruits of the gig economy. About 39% Gen Xers and 28% of Baby Boomers have engaged in the gig economy. Andrew Schrage, the founder of personal finance website Money Crashers, says that the variety of available options makes people take up gigs. The sharing economy has also grown popular over the year, and users get a chance to participate in it whenever they can find time during the day or night.

Another important factor driving workers to gigs is the slower wage growth despite a strong jobs market. This is making several workers seek new opportunities elsewhere because their wages aren’t enough to make ends meet. One in three Americans is working on gigs to earn extra money to spend since their regular jobs are unable to do so. About 31% of millennials are also doing gigs to boost their savings, showing a more positive side of the gig economy. Gen Xers can also take advantage of budgeting apps to save more.

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Viraj loves to write and express his views on anything related to Finance, Crypto, or Fintech. He has been covering Finance & Crypto for more than five years now. He likes Tesla. He also writes on Healthcare, and Technology among other stuff.