With the cost of living rising over the last year, many Australians are finding ways to earn more to keep up with expenses. Side hustles can be a useful way to earn a second income.
What are the most popular sources of additional incomes?
Finder's Consumer Sentiment Tracker shows that the 2 most popular ways Australians are earning a second income is by selling pre-owned goods and collecting recyclable cans and bottles. Almost 1 in 10 report using their homes to earn money, with 9% reporting they rent their house or a spare room and 5% renting out the garage.
Selling pre-owned goods is more popular with younger Australians with 37% of millennials and 34% of gen Z using it to make extra money compared with only 30% of baby boomers. On the other hand, collecting recyclable cans and bottles is far more popular with older generations 48% of gen X doing it as opposed to only 18% of gen Z.
The data also shows that in any given month in the first three quarters of 2023, selling pre-owned goods was the most lucrative, with Aussies making on average $897.
How many people hold a second job?
However, using the assets a person already owns is limited by the fact the person had to buy those things to begin with. A more steady form of second income is a second job. ABS data shows more Australians than ever have resorted to finding a second source of income through a second job. The proportion of employed people with a second job has risen to a record high of 6.7%.
Admin workers and those in agriculture, forestry and fishing are the most likely to have a second job, with 9.4% and 9.3% of the workforce holding 2 jobs at the same time. Workers in the arts industry are not far behind with 8.8% holding a second job.
What sorts of second jobs are people taking on?
Finder's data shows that of those engaging in job-related side hustles, most people either prefer earning money through doing things they enjoy or a job where they can be their own boss. 22% of those with a side hustle that is a job have one that involves their hobby and 27% involve making and selling things online.
16% of those with a side hustling job reported working as food delivery drivers and 15% as tutors – both jobs where people can largely determine their own hours.
Interestingly, there appears to be a gender divide to second jobs. 25% of men report getting paid to do a hobby compared to 18% of women. However, 31% of women report making and selling things online, compared to only 21% of men.
When it comes to the side hustles that pay the most, selling pre-owned goods tops the list, with Aussies making $897 per month on average. Renting out a room comes in second at $667 per month.
Saranga Sudarshan was an insights analyst at Finder. He has a PhD from the University of St Andrews in political philosophy. Previously he was a research analyst at Frost & Sullivan. Saranga loves cricket, sports analytics and the way data can provide novel insights.
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