Almost half of under-35s now have a ‘side hustle’ to top up earnings by an average of £8,400 per year - with 7% earning more than UK average wage. New research from communications provider Plusnet found almost half (44%) of Brits aged under 35 earn extra income alongside their full-time job, more than triple the number of over-55s (13%).
And that number only looks set to grow with a quarter (22%) of under-35s saying they are actively searching for a side gig. Side hustles can also be highly lucrative with under-35s earning an average of £8,400 per year while one in 15 (7%) earn more than the national average wage of £31,096 from their side hustle.
Joanna Carman, Marketing Director at Plusnet, said: “It is so inspiring to see young adults pursuing their dreams and reaping the rewards of that through greater financial independence.”
Among the young entrepreneurs finding money and freedom in a side hustle is Imogen Ford, 23, who launched her online jewellery business in 2020 after frustrations at work and her 18-month relationship ended. Imogen had a passion for making jewellery since she was at school, but it wasn’t until lockdown when she saw others selling successfully online that she was inspired to set up her own online shop
Alongside her nine-to-five job as a Complaints Case Manager for an energy company, she started her jewellery business ImogenPaula in November 2020. “I didn’t want to borrow money so I started small on Etsy and just sharing stuff on my own socials. Initially it was a way to de-stress after work, but before long I was making up to £700 a month, which was a great way to top up my salary and allow me to have money to spend on the things I wanted to enjoy.
“I love my job but it’s very busy and quite stressful, especially now with the energy crisis. I use my side hustle as a way to relax and destress as well as the financial benefits obviously. And they both work really well together, I enjoy work then I get to go home and do something I love… which still makes money.”
Imogen still lived at home when she started the business, but within 18 months she was able to save for a deposit for her first flat.
In April 2021, she moved into a two-bedroom flat in Stroud, Gloucestershire, where she set up her spare room as an office dedicated to her business. As the money from the sales grew each month and she started selling around the world including to USA, Canada, Germany, France, Spain, Ireland she was able to save and furnish the flat.
Now approaching two and a half years since she sold her first earrings online, Imogen now sells over 1,000 pairs of earrings annually and is earning around £3,000 per year, topping up her £24,000. Imogen is careful to save cash from her second income and make sure she isn’t overspending on bills so never has to worry about her bank balance at the end of the month.
When she moved into her own place she shopped around for the best deal on WiFi that would be reliable enough to run her online business while remaining good value for money.
“Running a business made me much more aware of good value. I switched my broadband from TalkTalk to Plusnet which saved me £48 per year. I also sold my car which I didn’t need once my business was running from the flat and committed to doing a 20 minute walk daily to improve her physical and mental health as well as saving cash.
“Working another job full-time while running an online business means reliable broadband is vital. The whole process for sending out my orders is online plus I get hundreds of messages and questions from potential customers on social media and I don’t want to leave people waiting.”
Imogen added: “Having my side hustle made a huge difference to my mental health and also opened so many new doors for me.
“I’m so much happier and feel more free. I still work eight-thirty to five but then I get to come home to my own space and do something I love - while making money.”
