A new Bankrate survey has revealed that more Americans have been working two jobs—one full time and one side hustle—in the last two years as inflation has reached almost 21 percent since February, 2020.
Some 36 percent of U.S. adults said they earned income beyond their full-time jobs, while the amount of money earned has also increased. Those working side hustles said they use the money to pay everyday living expenses like housing and groceries, as well as for other expenses.
In addition, almost one-third of side hustlers think they will always need to work multiple jobs to make ends meet.
“While it’s admirable that so many Americans are putting in extra time and effort on their side hustles, it’s unfortunate that most are doing so simply to fund their expenses,” Bankrate senior industry analyst Ted Rossman said in an emailed statement to NTD.
Younger generations are more likely to have side hustles than older ones. While only 23 percent of baby boomers (i.e., those aged 60 to 78) had multiple jobs, some 48 percent of Gen Z workers (aged 18 to 27) have them.
Parents of children under 18 were also more likely to have side hustles, with 48 percent reporting such employment and only 28 percent of parents with adult children reporting work on the side.
The average amount made with a side hustle was $891 per month, up from $810 in 2023. Millennials made the most of any generational group with their side hustles, at $1,129 per month.
The majority of side hustlers, 52 percent, have only worked extra jobs for the last two years or less. Nearly a quarter have hustled for extra income for less than a year.
Some side hustlers are also using their side income to save money (31 percent) or to pay down debt (20 percent). Another 16 percent are hoping their side hustle turns into their main source of income.
“Pursuing a side hustle can be a great way to free up more money for debt payoff, savings, and other financial priorities,” added Mr. Rossman. “You don’t need to do this forever, but even a few months can bring meaningful progress. And who knows, maybe your side hustle will turn into your next big thing. Side hustling can be a way to explore a new industry, cultivate new contacts, and hone new skills.”
Maria C. told NTD News via Facebook that she uses the $650 a month she gets doing curbside trash pickup for a small apartment complex toward her truck payment and insurance. “It helps greatly,” she said.
Along with inflation making additional income necessary for some households, the increased flexibility of many remote and hybrid jobs could be encouraging workers to find a side hustle.
Those who work from home don’t spend time commuting, and may have more flexibility in the hours they are required to work.
Greg K. of Pennsylvania told NTD he has worked side hustles for most of his working life. He currently has a full time job as an administrator in the mental health field that is flexible enough to allow him to train other counselors for the state two to three days a week.
While his income from his second job has often paid regular bills, it has also allowed the family to put two children through college and, more recently, to save for retirement.