New research commissioned by Oddsmonkey reveals that Brits are using side hustles such as dog walking and renting out the spare room to help cover the cost of living.
As the annual inflation rate doubled from 1.2% to 3.1% in the past year, 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 three or more ways of making extra cash.
One in three side hustlers use dog walking as a way to earn extra money taking home on average an extra £2,592 each year on top of their salary.
Over a third (34%) say dog walking is more fulfilling than their full-time job, and almost four in ten (39%) Brits wish it could be their main job.
Britain’s most popular side hustles
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.
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 this side to earn an average of £165 a month, making it the most popular side hustle adopted by Brits.
Most popular Side Hustles
- 46% Making crafts and selling them on – average £163 a month
- 37% Baking and selling goods – £183
- 35% Rent out a spare room – £241
- 34% Dog walk – £216
- 33% Rent out a driveway – £217
- 68% Sell second-hand items – £165
- 35% Blog – £231
- 33% Sell beauty products – £249
Despite not being the most profitable side hustles, making crafts, dog walking 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.
Selling beauty products through direct selling companies such as Avon was found to be the most lucrative side hustle, with the third of Brits taking this up, earning an average of £249 commission a month. Renting out a spare bedroom and blogging were also found to be lucrative side hustles with Brits raking in an average of £241 and £231 per month respectively.
More than one in three Brits with a side hustle don’t declare their extra earnings
Those with a side hustle are earning nearly £3,000 a year on top of their yearly salary and many admitted to dodging tax.
Despite earning over the £1,000 annual allowance, 34% of those with a side hustle confessed to not declaring their extra earnings.
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!”
Tips and guides for running a side hustle can be found here