Passion-fuelled Gen Z side hustlers see average income boost of 22% over the last year, according to Visa

16^thJuly, 2024 – London, UK – Visa, the Official Payment Technology Partner of the Olympic and Paralympic Games Paris 2024, today reveals the secrets behind the success of side hustles set up by Gen Z, people born between 1996 and 2010, and how they are evolving to help young people level up their game.

New research conducted by Visa finds that 45% of Gen Zs now have a side hustle, with over a third (37%) of these having more than one. E-commerce (34%), social media influencers (25%) and passion-based projects (19%) are the top three types of side hustle businesses being run by Gen Zs, according to Visa.

Almost seven in ten (69%) of Gen Z side hustlers set up their business with the primary objective of earning extra income, with average earnings from a side hustle being £218.60 per month. However, Visa also finds that over a quarter (27%) began their venture to explore a passion and a similar number (26%) did so to develop their skills further.

Of those surveyed, a majority (61%) report that they increased their side hustle income by at least 10% of the last 12 months, with the average increase at 22% year-on-year growth. The survey also reveals that those who are more passionate about their side hustles report significantly higher income levels[1], whilst side hustles that have been running for more than two years, generate higher earnings[2].

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%)

Adam Peaty, British Olympian and Team Visa Athlete, is backing Visa’s campaign, having himself been successful in setting up a business and pursuing his passion for performance. Peaty comments, “Supporting people reach their potential is crucial to inspiring future generations, whether in sport or in business, and that’s why I’m proud to team up with Visa to do exactly this.

“Through my business venture, I’ve been able to channel my experiences to support aspiring athletes level up their game, no matter what level that is, and support them in achieving success.”

As a sponsor of the Olympic Movement for almost 40 years, Visa continues to champion excellence and perseverance - values that resonate deeply with athletes and side hustlers everywhere.