By: Lilah Koski
We know an income gap exists between how much money women and men make. In the Logica Research Future of Money Study, we saw the gender pay gap extend into the side hustle.
The gap exists.
Women have had historically lower work force participation, and we are seeing that the same trend is true with side hustles. 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 and 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. Financial institutions can develop their messages, products, and services to support women in growing and managing their money with different income streams.
As founder and CEO of Logica Research, Lilah Koski is driven to help organizations use research to better engage with customers and improve people’s financial lives. The Logica Research Future of Money Study is designed to provide insights to organizations to help improve people’s financial lives.
Originally published at www.ellevatenetwork.com.