Having a side gig is an excellent way to earn some extra cash. And with the gig economy’s rise in popularity and the expansive list of opportunities available, just about anyone can find some work to take up. A study by Prudential Financial Inc found that 81% of Gen Z and 77% of Millennials currently have a side hustle.  

As more and more Americans working full-time have been turning to side hustles, even taking on a second part-time job, the question remains, “Why?”. Many have expressed their need to supplement their income. Others have chosen to take on additional work so they were able to make a nice purchase or even take an expensive trip. While the decision to have a side gig will always vary from one person to the other, there is a consensus among the majority.

The most common reasons behind people taking on side gigs are the following:

1. To supplement income. Whether this is due to COVID-19, losing their jobs, or working fewer hours, the need to earn additional income tops the board as the driving factor.
2. Inflation is another contender behind why people are taking on additional work. They simply don’t earn enough to keep themselves on top.
3. Housing and rental costs are incredibly high. With the housing market exploding and interest rates so high, many are finding it difficult to afford to pay these prices.
4. The cost of living is an additional reason behind side hustles. The rise in prices for consumer goods is taking its toll on Americans. Everything from gas to food to personal products has encountered this rise either currently or in the recent past.

And what about those Gen Z’s and Millennials topping out with the highest numbers of people with side hustles? What makes side hustles so intriguing to them? Not only do these generations face the same dilemmas familiar to other Americans, but their reasoning also seems to stem from the fact that they are growing up in this day and age. They have grown up as the explosion in digital technology, and social media made its way into the world. They see the daily grind of influencers and social media stars and have grown accustomed to it. These generations are ready for this fast-paced, highly motivated era. And who better to take the lead and guide future generations than those who have already embraced this newer way of life?