More than 6 in 10 U.S. workers say they’re likely to get a second job or start a side hustle in the next year to prop up their income, according to a June 12 report from the American Staffing Association and The Harris Poll.
If laid off, 28% of workers who rent and 14% of homeowners said they’d have less than a month of savings as a financial cushion.
“For growing numbers of Americans, a side hustle can be a good way to build savings, pay off debt, find a new job or change careers,” said Richard Wahlquist, CEO of the American Staffing Association.
“However, for others, a side hustle means having enough money to make ends meet,” Wahlquist said. “With economic uncertainty dominating the headlines, it’s not surprising to see Americans looking for ways to create some breathing room in their budgets.”
In a survey of more than 2,000 workers, 19% said their savings could cover less than a month of expenses. Another third said their savings could last for one to five months.
Plans to get a second job or start a side hustle varied in several ways. For instance, 75% of employed parents with minor children said they were likely to make a move on seeking additional work, compared to 55% of employed adults without children under age 18.
By generation, 76% of millennials and 73% of Generation Z workers said they wanted to get a second job or start a side hustle, compared to 59% of Generation X and 37% of baby boomers.
Frequent social media users were also more likely to indicate an intention to pursue additional income in the next year, with 84% of daily social media users saying so. About 65% of weekly and monthly social media users and half of those who aren’t on social media said the same.
Nearly 3 in 4 workers say they can only meet their basic living expenses, according to a report from Resume Now. In addition, about 3 in 10 workers said they’ve taken on debt to cover their living expenses.
In a Monster survey, 95% of respondents said their wages haven’t kept up with the rising cost of living. In response, many workers said they’re looking for higher-paying jobs, taking on second jobs and pursuing part-time work.
Gen Z workers, in particular, are turning to side hustles to build skills and earn more money, according to a Quicken report. Side hustlers said they feel more financially secure and prepared for the future with upskilling opportunities.
