16% of UK workers consider taking on a side hustle in 2023 - is it time you started your own?
Leading independent job board, CV-Library, have released new findings which reveal a huge 58.2% of UK workers are planning to take on a side hustle the next 12 months.
The two main reasons cited for this were job security (62%) and earning more money (38%).
Considering the ever-rising cost of living, it's unsurprising most workers (76.6%) want a side hustle too help make ends meet.
A recent trial of a four-day working week, may have further bolstered the numbers of side hustlers here in the UK. The trial was a huge success (56 out of 61 companies involves said they would carry on with the shorter week) - could this pave the way for more side hustles?
The extra day in the week could easily be utilised to start a venture which could go on to become an source of extra income which could help counteract the effect of rapidly rising living costs.
“With economic uncertainty seeming inevitable, it's logical many individuals are looking to supplement their incomes while keeping their primary job intact. To benefit the most, employers should strive to nurture their staff's side hustles; it would go a long way in boosting loyalty and morale and preventing key employees from leaving the organisation. On the other hand, it's important to take note of certain drawbacks that this could cause, especially if people are devoting their downtime to their side venture rather than resting and recovering from the workload. ”
Lee Biggins, founder and CEO of CV-Library
The growing popularity of side hustles
The idea of a side hustle is becoming increasingly popular with UK workers.
A recent survey shows that 16% of the UK workforce is considering side hustling in 2023, an increase of 60% from the previous year, indicating that the demand for side hustles is growing.
If you're wondering what a side hustle is and if it's time you started your own, we're here to help!
Read on to find out more about side hustles, what the the benefits of having a side hustle are, and how you get started with your own side hustle.
So, what on earth is a side hustle?
A side hustle is a job or activity outside your primary job or occupation which you do with the sole purpose of making extra cash.
A side hustle can be anything from a 'permanent' part-time job to selling crafts online or doing freelance work.
Side hustles allow people to work when they want and earn money on their terms.
Undertaking a side hustle can also allow you to explore new passions, hone your skills and build up extra credit and savings.
With equal pay often being an issue in the workforce, side hustles can also provide a way to bring in some extra income without worrying about not making enough at their primary job.
There are many opportunities for individuals to explore different ways of making money through a side hustle, and gaining financial freedom.
Why do I need a side hustle?
In recent years, more and more people in the UK have taken on a side hustle as an additional source of income. This is because side hustles can offer more financial freedom and the flexibility to pursue goals away from work.
One of the main reasons why people turn to side hustles is the rising cost of living. With the costs of housing, shopping, and other necessities growing, it's difficult for many workers to make ends meet on just one income.
A side hustle can provide an additional source of income that can help cover those extra costs.
Side hustles are becoming increasingly attractive for those seeking more freedom and flexibility in their work life. With a side hustle, you can choose when you want to work and how much you want to work.
This allows people to fit their jobs around other commitments, such as childcare or hobbies.
Finally, having a side hustle can also give an individual access to extra cash.
Whether it’s to make ends meet, or as a fund for unexpected expenses or even just to treat yourself, having an additional source of income can be a great way to boost your financial security and get a bit of extra cash when you need it.
All in all, there are many reasons why people in the UK are considering taking on a side hustle. From rising living costs to financial freedom, there are plenty of benefits to starting your own side hustle.