- For 24% of the UK, the average monthly wage of £1538.97 is not enough
- Because of this, a quarter of Brits (25%) have a side hustle to earn extra income
- Selling items on eBay and Facebook marketplace is the most popular side hustle, as a quick way of getting Cash for Clothes and other unwanted belongings. While selling beauty products through companies such as Avon was found to be the most lucrative (£249 a month)
- A third (34%) of Brits say they find their side hustle more fulfilling than their full-time job
- More than 1 in 3 (34%) say they don’t declare their extra earnings to avoid being taxed
New research commissioned by OddsMonkey reveals that Brits are using side hustles to help cover the cost of living.
As the annual inflation rate doubled from 1.2% to 3.1% in the past year (1), the average monthly wage of £1538.97 is not enough to cover the cost of living for almost a quarter of Brits (24%).
Because of this, 25% of working employees have resorted to a side hustle to earn extra money. With 36% of those having 3 or more ways of making extra cash.
The study also found that while some Brits take up side hustles ideas UK to help with living costs, many take them up to fulfil their passions, with over a third (34%) finding their sources of additional income more fulfilling than their full-time job. Almost four in ten (39%) of Brits admit that they wish their side hustle could be their main job.
Brits earn nearly £3000 a year renting out a spare room or blogging for extra cash. – H2
The matched betting experts polled 2,000 Brits on their additional sources of income to discover the side hustles Brits are taking up to become more financially secure. Whether you’re looking for a side hustle alongside full-time work or just to fill the time like Making Money on Maternity Leave, plenty of great side hustle ideas are available.
The study discovered the majority of Brits are concerned with being unable to cover the cost of their bills (48%) and their rent/mortgage (28%), and therefore adopt a side hustle to earn extra cash.
68% of Brits sell their unwanted items on eBay and Facebook marketplace. They earn an average of £165 a month, making it the most popular side hustle adopted by Brits.
|Most popular Side Hustles||% of Brits that do this||Average monthly earnings|
|Making crafts and selling them on||46%||£163|
|Baking and selling goods||37%||£183|
|Rent out a spare room||35%||£241|
|Rent out a driveway||33%||£217|
|Sell second-hand items||68%||£165|
|Sell beauty products||33%||£249|
Despite not being the most profitable side hustle, making crafts and baking were found to be the most enjoyable. Showing that while Brits want to earn more money, they want their additional sources of income to be something they enjoy doing. Merging a side hustle and potential hobby can be both rewarding and enjoyable; there are many options to choose from, such as looking into How to Become a Photographer.
Selling beauty products through direct selling companies such as Avon was found to be the most lucrative side hustle, with a third of Brits taking this up, earning an average of £249 commission a month. Acting as the retailer between the suppliers’ products and the customer is known as Dropshipping; check out Guide to Dropshipping UK for more info.
Renting out a spare bedroom and blogging was also found to be lucrative side hustles, with Brits raking in an average of £241 and £231 per month, respectively.
More than 1 in 3 Brits with a side hustle don’t declare their extra earnings
Those with a side hustle earn nearly £3,000 a year on top of their yearly salary, and many admitted to dodging tax. If you’re worried about this, money made from Matched betting is tax-free, with the bookmakers here paying tax.
Despite earning over the £1,000 annual allowance, 34% of those with a side hustle confessed to not declaring their extra earnings.
The research also revealed that it’s not only those in full-time employment who have side hustles. Students are also taking advantage of side hustles to cover the increasing cost of living in the UK.
Earning on average £895 a month and not receiving any help from their parents (47%), 1 in 3 students have taken up a side hustle to earn extra cash and are interestingly making more money than the average Brit. Students have found out How to Freelance Work From Home for extra money and many other popular techniques for raising funds.
Younger Brits earn £78 more a month than the average Brits from making and selling crafts (£241), £69 more for blogging (£300), and £17 more a month for baking (£200). This suggests the younger generation knows much more than just How to Make Money on Twitch or social media channels.
Peter Watton, spokesman for OddsMonkey, comments on the research: “With the constantly increasing cost of living, we were hardly surprised that Brits are having to take up side hustles in order to earn themselves some extra cash. While it is great that Brits are using their passions to earn extra income, it is important to remember to declare any income over £1000 to ensure you don’t get in trouble with the tax man!”
If you’re looking for an additional way to earn money on the side, take a look at our 7 Unusual Ways to Make Money piece.
Research conducted via OnePoll on 2,000 British adults in December 2017.
(1) Data provided by The Guardian: https://www.theguardian.com/business/2017/dec/12/uk-inflation-rises-uk-cost-of-living-squeeze