Editor’s Be aware: This story initially appeared on FlexJobs.com.
Amid distant work debates, rising inflation, and rising financial and profession uncertainty, working professionals are exploring extra versatile profession choices to make a dwelling and obtain monetary safety. Chief amongst these versatile work choices? Aspect hustles and distant work.
Forward of Monetary Literacy Month in April, FlexJobs and Distant.co developed a survey on funds and aspect hustles, polling over 2,200 U.S.-based professionals between Feb. 4 and Feb. 18, 2025.
The purpose of the survey was to higher perceive employees’ monetary and profession selections within the face of work-related points, equivalent to return-to-office mandates, excessive competitors for jobs, and fears of getting laid off.
The outcomes of the joint FlexJobs and Distant.co survey, compiled right here, present that many professionals are prepared to stop their full-time jobs seeking higher monetary alternatives, together with pursuing full-time aspect hustles.
“With the profession panorama quickly altering and distant work remaining a high precedence for almost all of employees, we’re seeing professionals throughout expertise ranges actively in search of methods to enhance their monetary scenario and work-life stability by means of extremely strategic job strikes, together with freelancing and entrepreneurship,” stated Toni Frana, profession professional supervisor at FlexJobs and Distant.co.
1 in 3 Take into account Quitting to Flip Aspect Hustles Into Full-Time Jobs
In response to the report, nearly all of respondents have interaction in aspect jobs to complement their earnings.
Particularly, 61% stated they’ve had (36%) or presently have (25%) a aspect hustle, suggesting the sturdy want for employees to complement their main earnings.
In the meantime, 41% of employees have stop or thought of quitting their jobs to pursue a full-time aspect hustle. Of those employees, nearly one-third (31%) have thought of quitting their jobs to work a aspect hustle full-time. A further 10% have already made the leap.
This shift from conventional full-time employment to the pursuit of full-time side gigs alerts that in the present day’s workforce is trying to find higher profession company and monetary safety.
Monetary Safety Is a Precedence
Nevertheless, most working professionals prioritize monetary safety, requiring their aspect hustle to almost match their present wage earlier than they depart their jobs.
Actually, 57% of respondents expressed their want for a aspect hustle to generate not less than 75% of their present wage earlier than leaving their full-time job. The remaining 43% of respondents outlined the next wage necessities so as to depart their present jobs for a aspect hustle:
- 51% to 75% of their present wage (22%)
- 25% to 50% of their present wage (16%)
- Lower than 25% of their present wage (5%)
“Side hustles is usually a worthwhile stream of earnings, however they require employees to have a stable monetary basis in place,” Frana stated.
“This Monetary Literacy Month, we encourage employees to evaluate their dangers, know the market, construct a stable emergency fund, and create an in depth price range earlier than they make the leap to a full-time aspect hustle.”
Can You Afford to Give up Your Job? For Some, the Purpose Is $100,000 or Extra
We requested professionals how they outline monetary success and what methods they contemplate only of their efforts to develop their salaries.
Over half (51%) of survey respondents outline monetary success as incomes an annual wage between $100,000 and $250,000. The remaining 49% of survey-takers outline a financially profitable wage as:
- $75,000 to $100,000 (26%)
- $250,000 to $500,000 (17%)
- $500,000 and above (6%)
The Finest Methods to Enhance Earnings
When requested about the easiest way to extend their wage, 54% of survey respondents stated they believed altering jobs was a more practical technique. Conversely, 46% stated pursuing a promotion inside their present firm was a more practical approach to enhance their wage.
Amongst these in search of exterior positions, 77% of respondents stated they “incessantly” (40%) or “often” (37%) take into consideration altering jobs for higher monetary alternatives.
Comparatively, lower than one-quarter (23%) stated they “not often” (17%) or “by no means” (6%) contemplate altering jobs to enhance their funds.
With greater than three-quarters of survey respondents asking, “Can I afford to stop my job?” in pursuit of higher monetary alternatives, it’s clear that professionals are weighing the professionals and cons of conventional full-time jobs versus aspect jobs of their quest for monetary safety and work-life stability.
