Eight million women in the UK hope to turn their ‘side hustle’ into a full-time career, a new report has found.
A ‘side hustle’ is a second source of income, often based on a hobby or interest, that is apart from your main job.
Almost a third (31%) of women aspire to grow their side hustles into a full-time job, according to The Modern Life Report by investment management company Fidelity International.
Having a side hustle is an increasingly popular way to make extra money while also following your passions. It is particularly popular among younger people with nearly half (46%) of those in their 20s saying they have a second source of income apart from their main job, compared with an average of 21% in their 50s.
Millennials are also the group that are most keen to pursue their side hustles as a full-time career with 54% of those in their 20s stating that they would like their hobby or interest to become their main job.
Financial concerns are the biggest barrier to turning a side hustle into a main source of income for women in the UK.
Many women are put off from following their dreams by the impact it may have upon their finances as 16% are worried by the prospect of taking a pay cut to establish their new career. For 4% of women, knowing where to start and learning how to set up a business is the main barrier.
However, 6% do plan to turn their hobby or interest into their main source of income in the next couple of years.
Many people are moving into self-employment in order to make their dreams a reality — 4.8 million people are now self-employed in the UK, compared with 3 million in the 1990s, and trends show this is set to keep growing. The average age of making the leap to self-employment is 42, according to the report
A quarter (25%) of women who want to leave their current job are planning to change industry completely, and 37% feel that a change of job can progress their career, the report found.
Emma-Lou Montgomery, associate director for Personal Investing at Fidelity International said: “Our perspective on work is changing. Gone are the days of having a single career for life. Instead, we are placing greater emphasis on finding jobs we care about and turning our side-hustles into our main careers. Our research shows women are increasingly choosing to shape and define what they want their career to look like.
“While it is evident many do not feel financially secure enough to turn their side-hustle into a full-time job, it is important to remember it doesn’t need to be a case of all or nothing. The most important thing is to feel in control of the transition, whether by remaining part-time at the beginning, or giving yourself short-term goals and a business plan to work towards.”