28% of employed Namibians have side hustles

Despite many employed people constantly being worried about losing their jobs, only 28% have a side hustle.

According to Old Mutual’s Financial Service Monitor, the number of employed people with side hustles, freelance or after-hours work in addition to their regular jobs has remained stable since 2023.

The data shows that the majority of those doing poly-jobbing is highest among those between 50 and 65 years old and older, accounting for 39% and people earning N$30 000 and above.

At the same time, this same age group records the highest business ownership.

“This suggests that access to funding and financial support likely encourages people to start side businesses to boost their income,” the report says.

People between the ages of 18 and 29 made up 31%, while the 30- to 49-year-olds made up 22% of those with side businesses.
Some 12% of the people are earning a steady income from renting out property.

“This is significantly higher among consumers older than 50 years and high income earners, probably due to the higher price-to-rent ratio,” the report says.

Some 6% record receiving an extra income from the government in the form of grants, for example, while 5% received an irregular income from seasonal work.

Meanwhile, 4% received money through stokvels and 9% from friends and family.

According to the data, off all those employed, 44% were constantly worried about losing their jobs or income.
“This is higher among younger and lower-income earners,” the report says.

Meanwhile, more than half of working Namibians who earn above N$3 000 per month have not received a salary increase since 2023.

According to the report, 54% of Namibians have not received a salary increment, while about 14% are earning less.

“Two-thirds of working Namibians are earning the same or less relative to a year ago.

This indicates that a significant portion of Namibians would have experienced a decline in real earnings or spending power,” the report reads.

At the same time, the number of those financially dependent on those who work has increased.

According to the report, six out of 10 Namibians now fall within the ‘sandwich’ generation, despite no change in their income.

In an age of information overload, Sunrise is The Namibian’s morning briefing, delivered at 6h00 from Monday to Friday. It offers a curated rundown of the most important stories from the past 24 hours – occasionally with a light, witty touch. It’s an essential way to stay informed. Subscribe and join our newsletter community.