More Workers Are Taking on Side Hustles Out of Necessity
By: James Flippin · November 08, 2022 · Reading Time: 3 minutes
Feeling the Pinch
The US has been experiencing record-high inflation, driving up costs and prices for several months now. This has tightened the wiggle room in many peoples’ budgets. To compensate, more workers have been forced to pick up a side hustle or part-time job.
Monster.com surveyed over 1,700 US-based employees, and nearly 75% said they have taken on additional work to make up for increased costs.
It’s worth noting that it’s not just low-income earners who are feeling the negative effects of inflation. In fact, one out of every 30 white-collar workers reports they are looking for a side hustle. In previous years, this metric usually sits at one out of every 100 such workers.
Going further, a separate study found that 81% of Gen Z and 77% of Millennial workers are turning to side hustles to supplement their income. Evidently, the need to take on part-time work in the current climate is not restricted by age or earning level.
Time To Hustle?
If you’re one of the many feeling the pinch, keep an eye on the Consumer Price Index report, due Thursday. This announcement will give Americans an idea of whether or not inflation is still sitting at record highs.
If you’ve made it this far without taking on a second gig, your income may prove sufficient, particularly if inflation starts to decrease. But in general, this side hustle shift reinforces what gig economists have trumpeted all along – it’s never a bad idea to have an extra source of income. That way, you’ll be able to weather whatever conditions the market (or your main gig) throws at you.
And, if you are already on the hunt for part-time work, be sure to check out gig economy jobs like DoorDash (DASH) or Uber (UBER), freelancing sites like Upwork (UPWK) and Fiverr (FVRR), and remote-work opportunities.
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