Making a living from side hustles

The survey also found that one in ten people in the UK are investing such a secondary income to grow their future wealth. However, this figure is much lower in Scotland with only 6 per cent doing likewise.

The research was conducted by YouGov on behalf of Lloyds Banking Group last year, with a total sample size of 2,577 adults.

It found that nearly one in five women (17 per cent) in the UK have a side hustle, rising to one in four (26 per cent) among Gen Z. In Scotland, one in seven (15 per cent) of women currently have such an undertaking.Joanna Page, who is set to feature in the upcoming series of Taskmaster, is no stranger to balancing a busy family and professional life, raising four children. From her early days working in a shoe shop while attending drama school, she has always embraced side hustles. Most recently, she has been writing her autobiography –Lush! – in unexpected locations, from pub car parks to her own driveway, and has led her to think about her life.

Joanna says: “I wish I’d learned about investing earlier. What matters most is simply getting started – you don’t need everything to be perfect or to have a flawless plan. Even small steps count.

“The real progress comes from being consistent and putting in the effort. Before long, those efforts add up and you’ll find yourself moving closer to the life you want.”

Half of women with a side hustle report that they started one to increase their disposable income, and one in ten say they hope it becomes a full-time job.

Saving for the long-term is one of the biggest reasons why many people have become side-hustlers. Scottish Widows’ latest Women and Retirement Report found that women are on track to retire on an average £13,000 a year – £6,000 less than men.

Almost one in four (24 per cent) of women in Scotland make or expect to make under £50 per month, 30 per cent between £50 and £100, and 21 per cent bring in between £100 and £300.

Many financial providers, including Scottish Widows, offer a range of investment products to give people choice, whether they are first-time or seasoned investors.

For example, Scottish Widows’ online app users can access products including Ready-Made Investments, Stocks and Shares ISAs and SIPPs, as well as a range of digital tools to help them appreciate how their money could grow if they invested it.

Susan Hope, savings expert with Scottish Widows, says: “A side hustle can be a practical way to boost your income, no matter what your situation is. Investing the income from your side hustle is a smart way to make your money work harder for you and grow over the longer term, helping you achieve your long-term financial goals.

“Thinking of investing as a side hustle could also help people build up their financial resilience, to face into life’s unexpected costs. It’s about small amounts that add up over time.”

CASE STUDY From travel side action to main attraction

Cheryl Doherty (41), originally from Glasgow and now living and working in Chelsea, London, transformed her life when her love of travel evolved from a passion into a side hustle, and ultimately a fulfilling career.

For years, Cheryl worked as a human resources business partner with a large media group in Scotland. Travel had always been a huge part of who she was, and eventually she decided to turn that passion into something more.

Cheryl explains: “I was working in HR and my son, who is now 22, was around 17 at the time. I was thinking about how I could make my budget stretch further so I could see more of the world. I only had so much annual leave and a limited amount of money, but I’ve always been very entrepreneurial. When the opportunity came up to become an independent travel agent, I went for it.”

What began as a side hustle quickly proved successful, generating both income and independence. That financial freedom allowed Cheryl to reshape her life entirely and, a couple of years ago, make the move to London to build a fresh start after her divorce.

Cheryl initially launched Wandering the Globe Travels in 2018, booking trips for friends and family. She later became a self-employed adviser with InteleTravel and an independent representative with PlanNet Marketing.

The business grew to the point where Cheryl was able to leave her full-time HR role and focus on what made her tick – travel.

“I’ve been able to travel the world myself and earn money back on those holidays,” she says. “I’ve also helped others do the same by setting up their own businesses.”After struggling for a period with anxiety, Cheryl was able to rely on the residual income she had built through her travel business and the remote team she had developed. Now, she says she’s ready to go full-steam ahead again.

“Recently, I’ve started investing some of the money I’m making, and there are other business opportunities I want to explore,” she explains.

Her advice to anyone considering a side hustle? “Feel the fear and do it anyway!”