HustleGPT: Generative AI will boost income and help millions of workers take on second and third jobs, Morgan Stanley predicts.

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HustleGPT: Generative AI will boost income and help millions of workers take on second and third jobs, Morgan Stanley predicts.
Florence Fu/Tech Insider
  • Generative AI is making it easier to work multiple jobs at the same time.
  • AI tools will lift earnings from multiple jobs by at least $83 billion by 2030, Morgan Stanley says.
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If AI can do some of your job, why not take another one on the side?

That's the thinking behind a big new study released this week by researchers at Morgan Stanley.

The investment bank conducted surveys in several countries, including the US, UK, and India, to get a sense for how many people have or plan to take on multiple jobs or set up multiple earnings streams in other ways.

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Official data tracked by Morgan Stanley shows 5% of the population working multiple jobs, with that growing 5% a year. Unofficial data suggests it's more like 8-10% of the population, with interest in multiple jobs growing more than 18% a year, the bank's researchers wrote in a note to clients.

The bank conducted a similar study about a year ago, and since then the multi-job trends has picked up, with the rise of generative AI powering the change.

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"The main driver which has changed since our original thesis is the advent of cheap or free and rapidly democratised access to generative AI tools," the researchers wrote.

They forecast $400 billion in income from multiple jobs by 2030, with generative AI contributing about $83 billion of that. In a much more bullish scenario, the bank sees $1.4 trillion in multi-earning income, with generative AI kicking in $300 billion of that.

HustleGPT: Generative AI will boost income and help millions of workers take on second and third jobs, Morgan Stanley predicts.
A chart from a Morgan Stanley reportAlphaWise/Morgan Stanley Research

There's been an explosion of AI tools in the past year, including ChatGPT, DALL-E, and GPT-4 from OpenAI, Bard and underlying AI models from Google, Claude 2 from Anthropic, and Midjourney. These services can answer questions convincingly, generate images on command, complete software code, and perform a host of other tasks.

With these new tools, employees suddenly have ways of producing work more quickly than before, making it easier to juggle multiple jobs. Morgan Stanley noted a 14% lift in call center productivity and a 55% boost for writing code, as examples.

Side hustles where generative AI can help include affiliate marketing, e-commerce dropshipping, content creation, tutoring, graphic and web design, programming, and renting rooms or other space, according to Morgan Stanley.

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In content creation and e-commerce, 37% and 34% of respondents respectively said their income had been boosted with the help of generative AI tools.

The average multi-earner is making $8.50 an hour when using generative AI, and $7 an hour without the technology, Morgan Stanley's surveys found.

Multi-earning in the US has increased 11% in the past year, the survey work also found.

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