Yahoo Finance columnist Vera Gibbons joins Yahoo Finance Live to discuss the increasing number of side hustles Americans are trying.

Video Transcript

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- If you're looking for a way to make a little cash during these tough times, this a side hustle could be the answer. More Americans are hopping on the gig train this year. Let's discuss with Yahoo Finance contributor Vera Gibbons. Vera, very nice to see you. Beyond the obvious inflationary pressures, what's driving the trend?

VERA GIBBONS: Well, a number of different factors. Obviously inflationary pressures is a big one. And we are seeing people take on multiple gigs, not just one or two. But one person I spoke to has seven income streams running. So inflation is a large part of that equation.

But also there are other factors. I mean, this whole decentralization of life is going on. Working in an office is an antiquated concept. You know, I don't know too many people who are working that way these days. They've got the hybrid schedule. So that's a factor as well. As is the fact that we are up against a looming recession.

And when you're worried about a recession, your natural inclination, or your impulse is to actually go ahead and make more money. So there are several factors contributing to the rise in side hustles. Inflation is a big one, but other factors driving the trend as well.

- As far as generation goes, who is doing the side hustling here?

VERA GIBBONS: You always think oh, it's the kids doing it. It's the millennials. It's the Gen Xers. But you know, that's not necessarily the case. We're also seeing some baby boomers jump in, some pre-retirees, some retirees jump into the gig game. There's a bucket of people who are doing this. There are people who are looking to find a gig that's an offshoot of their career.

There are other people looking for gigs that don't require any special skills that would be the drivers, food delivery type gigs. And then there's a third bucket of people doing this, and these are people who are just pursuing their passions. Maybe they have something they always wanted to do and now's the time to do it. Whether that's teaching music or coaching their kids soccer or whatever the case may be. So people are doing it for a variety of different reasons. And it's all ages.

What's interesting too is that I think the type of gig is really changing. Five years ago it was just oh, delivery services, Uber, Lyft, grocery delivery. But now we're seeing more people really leverage their skills into lots of opportunities. And those opportunities can be pretty lucrative. So this is really where the growth is, specialized fields. And you can do everything from marketing to law to journalism right from the comforts of your home. So if you can piece together two, three, or four little side gigs and have several employers, that's where the opportunities are. And that's really where the growth is today. That's one of the big differences.