Here’s how much money Brits are making from side hustles: Monzo
Side hustles are growing increasingly common in the UK, and can be very lucrative, new data from banking group Monzo shows. The data is based on conversations with 2,000 UK adults to understand what the future might look like for people running a side gig alongside their full-time job.
The data shows that the average amount earned from a side hustle now stands at £470 a month – roughly 44% of a side hustlers’ full-time job income. Those aged 25-34 earn the most from their ‘other’ job, averaging £507.87 per month.
The majority spend their earnings on the following:
- Saving or investing (37%)
- Leisure and personal treats (34%)
- Bills (32%)
- Supporting family (25%)
- Reinvesting back into their side hustle (24%)
The group’s data shows that online selling and reselling is the most popular side hustle, followed by freelance or professional services, manual trades or practical work, content creation or digital media, and investing.
On average, they spend nine hours a week managing their venture. Almost a third (30%) give it more than 10 hours, and 10% put in 20 hours or more.
88% of people with a side hustle said they’ve come up against a few challenges along the way. The most common was balancing their side gig with full-time work (34%). While just over a quarter (27%) found time constraints, like childcare and social plans, tricky to manage.
Beyond time, some of the biggest hurdles were linked to money and confidence:
- Managing their money (20%)
- Lack of funds (18%)
- Not knowing where to start or how to grow (17%)
- Lack of confidence (17%)
- Platform costs or changing algorithms (16%)
- Imposter syndrome (feeling like a fraud despite success) (13%) .
Notably, the data shows that people are increasingly using AI to help with their side hustles. While almost a quarter (21%) say they have no intention of using AI for their side hustle, the majority are already using it, or are planning to this year. AI is being used for a range of purposes, including:
- Creative inspiration (33%)
- Generating content (26%)
- Managing their finances (26%)
- Analysing data (24%)
- Automating admin tasks like invoices (22%)
