Every day they're hustling! Inflation prompts increase in side gigs amid 'good' job market, says expert
Many workers picked up side hustles as recession fears spike
Americans are relying on job side hustles to make ends meet as the job market is ‘ostensibly good’, according to Bankrate.com senior analyst Ted Rossman. FOX Business Gerri Willis with more.
For many workers, one job is just not cutting it and inflation is to blame.
More Americans are now relying on side hustles to make ends meet, however one expert said workers are looking for gigs while the job market is "good."
"If this many people need to have a side hustle right now when the job market is ostensibly good, what happens when and if it does take a turn for the worse?" Bankrate.com senior analyst Ted Rossman told FOX Business.
"It is highlighting some vulnerability there among many workers."
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This year, approximately 41% of side hustlers need the extra cash to cover everyday expenses; in 2019, 31% of U.S. workers said they also needed a second job to bring in additional income as there are looming threats of a recession, according to Bankrate.com.
The workplace in America shifted in 2020. Two years later, jobs are still offering work from home options. On top of that, many people picked up side hustles throughout the pandemic, and one involves furry friends.
A Bankrate poll found that many side hustlers are younger, male millennials – typically between the ages of 26-32 years old – taking on common jobs such as landscaping or lawn mowing. Followed by 34% of millennials between the ages of 26-41 are also found side hustling.
Bankrate.com senior analyst Ted Rossman told FOX Business that Americans are relying on side hustles to make ends meet amid looming threats of a recession. ((AP Photo/Tony Dejak, file) / AP Newsroom)
34% of Gen Zers, 18-25 years old, are also finding side gigs, and Gen Xers, 42-57 years old, follow close behind.
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Baby Boomers – between the ages of 58-76 years old – are the least likely demographic to pursue a second gig.
Meanwhile, women are making less money than men in their side hustles as they only earn half of what men typically earn in a month, according to a Bankrate survey. For men, the monthly average income is $1,492 compared to $571 for women – as side jobs like childcare, pay a lot less.
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In 2020, many people picked up side hustles throughout the coronavirus pandemic, as the workplace in America shifted to work-from-home options.