New research by Visa reveals that 45% of Gen Z have a side hustle, with over a third (37%) juggling more than one. The leading side hustles include e-commerce (34%), social media influencing (25%), and passion projects (19%).

Nearly 69% of Gen Z side hustlers started their ventures to earn extra income, with average monthly earnings at £218.60. Additionally, 27% pursued their side hustle to explore passions, and 26% aimed to develop new skills.

The survey found that 61% of respondents increased their side hustle income by at least 10% over the past year, with an average growth of 22%. Those more passionate about their side hustles reported significantly higher income levels, and ventures running for more than two years generated greater earnings.

Inspiring the next generation of entrepreneurs

The survey identified three emerging side hustles trends:

• ‘Soul Traders’, which represent 79% of side-hustles and are driven by passion and personal interests
• ‘Hashtag Hustlers’, characterised by those who peg their products and services to social media trends, making up 59% of side-hustles
• ‘Tri-Hustlers’, those juggling multiple side-hustles with the aim of maximising income (37%)

Grace Kennington, aged 22, turned a pandemic past-time into a successful side hustle, enhancing her skills in design, marketing, and social media to sell artwork online. She comments, “I wear a million different side-hustle hats; I’ve become an expert at everything from packaging, stock management and design. It’s really made me a lot more adaptable! My biggest piece of advice to aspiring side-hustlers is to just get stuck in, even if you’ve had no training. Also reach out to people doing similar work to build your network.”

Gen Z’s friends play a key role in their side hustles; a third (33%) claim their friends inspired them to start it, with a further 39% saying their friends help to make their side hustle a success, while just over a fifth (21%) are inspired by celebrities or influencers.

Supporting Gen Z reach their potential

Looking ahead, over half of Gen Z side hustlers (54%) would like to grow their profits over the next year, with a third (33%) looking to learn a new skill for their side-hustle, and a quarter (25%) wanting to grow their services online.

Sustainability and legacy-building underpin Gen Z’s long-term outlook; over a third (35%) aspire to eventually quit their primary job to focus entirely on their side hustle, and a further two fifths (39%) hope that their side-hustle will continue on for generations in their family.

Mandy Lamb, Managing Director, UK&I at Visa comments: "Gen Z are already playing a transformative role in our economy, spurring on innovation and new ways of working. Through our research, we’ve uncovered some really positive signs that they will continue to change the way businesses and organisations operate in years to come.

“Visa is committed to championing this new generation of small business owners, providing them with the support they need to thrive, and using our platform to inspire everyone to achieve their business dreams."

To support current and future side hustlers, Visa asked the top 10% of side hustle earners to share their pieces of advice to aspiring side-hustlers. Below are their top five tips:

1. Set clear goals and track your progress to stay motivated (53%)
2. Pick something you enjoy (50%)
3. Don’t be afraid of what other people think (46%)
4. Embrace learning from failures – they are opportunities for growth (43%)
5. Celebrate your milestones and successes along the way to stay inspired (41%)