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Share Name | Share Symbol | Market | Type |
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SunTrust Banks Inc | NYSE:STI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 70.13 | 0 | 01:00:00 |
ATLANTA, Aug. 27, 2019 /PRNewswire/ -- Eighty-one percent of Americans who currently have a side gig are interested in taking it full-time, according to a recent SunTrust survey. More than half of Americans (54%) report having a side hustle at some point to generate extra money, pulling in $8,794, on average per year. With these additional funds, people are able to pursue their #bestlife on their own terms.
On average, millennials are making almost 20% more per year ($10,972) from their side hustles than Gen Xers ($8,791) and 46% more than Boomers ($5,892). The top reason for pursuing a side hustle among millennials is to generate additional income for saving purposes (46%), while the top reason among Gen Xers and Boomers is to make additional money for leisure activities (43% and 47%).
"There's a reason the gig economy is so hot – it can be fun and financially fruitful," said Brian Ford, financial well-being executive at SunTrust. "For some, a side hustle is a creative outlet outside of the daily grind. For many others, it's a means to achieving the financial confidence and freedom to live life on their own terms. Whether the goal is to earn extra cash or take a side gig full-time, there are tools and services to help people propel their side hustle forward."
So, what gets in the way of taking a fringe earning situation full time?
The overwhelming majority of those looking to make their side hustle their main gig (83%) face obstacles, from not having enough time to dedicate to it (36%) to not having enough financial capital (30%).
SunTrust offers the following tips to help would-be full time entrepreneurs make the grade in the school of side hustle:
SunTrust recently introduced its 21-day #bestlifechallenge, a social campaign to help people get on track toward achieving the financial confidence to live their dreams.
"As someone who took my photography side hustle into a full-time career, I knew that confidence in myself, my craft and my finances would be pivotal in this big decision to start my own business," said Evan Ranft, a professional photographer based in Atlanta. "Participating in the #bestlifechallenge has allowed me to take a closer look at smarter ways to budget so that I can live my best life on my own terms, whether I'm saving up for a new camera lens or crossing a new destination off of my travel bucket list."
For resources to help take your side hustle to the next level, visit SunTrust's Small Business Best Practices site. You can also level up your financial confidence by joining the #bestlifechallenge at onup.com.
Survey Methodology
This survey was conducted online within the United States by The Harris Poll on behalf of SunTrust from July 16 – 18, 2019 among 2,028 U.S. adults ages 18 and older, among whom 1,116 ever had a side hustle. The survey defines millennials as those age 23-38, Gen Xers age 39-54 and Boomers age 55-73. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of June 30, 2019, SunTrust had total assets of $222 billion and total deposits of $161 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
View original content:http://www.prnewswire.com/news-releases/suntrust-survey-many-americans-interested-in-taking-their-side-gigs-full-time-300907711.html
SOURCE SunTrust Banks, Inc.
Copyright 2019 PR Newswire
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