British people are making around £5,000 per year from side jobs and freelancing, according to a new study by 118 118 Money.
Data has showed that 68 per cent of UK adults who are employed also have a secondary source of income thanks to freelancing or another form of self-employment.
Specifically, the study found that almost one-third of employed workers started “hobby businesses” in 2020, while 17 per cent started a side job between July 2020 and December 2020. A further 18 per cent have started generating income from their side business or freelancing within the first half of 2021.
While a range of different freelancing and self-employment activities were noted in the study, the most popular way to source additional income was podcasting, which earned Brits an average of £954 per month. This was followed by selling handmade candles (£670 per month), renting out flat space (£657 per month) and blogging (£646 per month).
According to the study, more women have taken on self-employed side projects and freelancing than men. The figures revealed that 56 per cent of those surveyed revealed they have taken on extra work between 2020 and 2021 compared to 42 per cent of men.
In addition, millennials were found to be the generation most dedicated to using freelancing and other forms of self-employment to earn additional cash. The data found that 78 per cent of those aged between 25 and 34 said they have a secondary source of income, but those aged between 18 and 24 were earning the most, with an average additional income of £546 per month.
