We know an income gap exists between how much money women and men make. In the Logica Research Future of Money Study, we see the gender pay gap extend into the side hustle. The availability of additional ways to make income in the form of the side hustle (40% of U.S. adults report having a side hustle), doesn’t necessarily mean the same thing for men and women.
The Gap Exists
Women have had historically lower work force participation, and we are seeing that the same trend is true with a side hustle. Men are more likely to have a side hustle and to make more money while doing so — 46% of employed males vs. 35% of employed females have a side hustle.
Women also are making less money from their side hustles than their male counterparts. Income data in the graphic is based on medians, which show a smaller gap. When we look at average income data for side hustles, the differences are more extreme, with men making $2,708 on average and women making $526 on average from their side hustle.
How income from their side hustle is being used is relatively similar: both men and women are most likely to use funds for living expenses.
Products for Wealth Building & Money Management
While it’s no surprise that the financial situations and needs of men and women are different, it is important to ask: What are the unique needs of women who have a side hustle? Women aren’t looking for pinkification of their finances. How are you evolving your messages and tools to support women in growing and managing their money with different income streams?
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The Logica Research Future of Money Study is conducted by Logica Research and is designed to provide insights to organizations to help improve people’s financial lives. The study is conducted online among 1,000 U.S. General Population Adults 18 and over. The sample is balanced on gender, income, and age. The study includes an augment sample of 200 older Gen Zers (16-19), which is not included in total. Results are not weighted.