In the best case scenario, a side hustle can turn into a multimillion dollar business which generates a passive income stream — but at the very least, starting a side gig might help pay some bills.
A new one survey from personal finance software company Quicken shows that almost half (43%) of Americans with a side hustle, or an additional source of income added to their primary income, earn more money and hours in fewer hours overall than those without side hustles.
Three most popular side hustles followed by those who work less and make more money were personal assistance (20%), cooking and baking (16%), and care (16%). One in five people with side hustles said they were also business owners, selling products online or providing services such as photography.
Most people with side hustles (82%) said starting a side gig helped them financially and kept them from paycheck to paycheck. Most with side hustles (57%) had savings equal to at least four months of living expenses.
The survey also found that, for young adults, a way to earn extra income doubles as a way to become more employable. 44% of General Mr (born between 1997 and 2012) choose to start a side hustle in order to gain skills for long-term careers, far higher than the overall 18% of Americans who started a side hustle with the same motivation.
Quicken conducted the survey online, gathering responses from more than 1,000 Americans.
Additional research on side hustles, published in August by NEXT Insurance, showed that three out of five people bring in less than $1,000 a month in side income, while 22% make $1,000 to $10,000 a month and 15% make more than $10,000 .
Related: Starting a side hustle should come with a warning label—here's what you need to know