One-third of Americans depend on 'side hustle' for living expenses
A recent poll conducted by YouGov and disclosed by financial advice site Bankrate reveals that one-third of American adults are resorting to second jobs, or "side hustles," to cover their bills and fund discretionary extras. The term "side hustle" is generally defined as "any extra income someone earns on the side of their main source of income." The survey shows that over one-third (36%) of side hustlers use their additional income to cover essential expenses such as rent and groceries.
Side hustles seen as essential by many Americans
The poll indicates that 32% of those with a side hustle believe they'll always need it to cover expenses. This suggests many Americans feel unable to sustain their lifestyles on one income, despite easing inflation. While the survey didn't detail specific side hustles, it underscores a sobering reality: a significant number rely on these additional jobs to meet financial demands indefinitely.
Generational differences emerge in side hustle prevalence
The YouGov and Bankrate poll also unveiled generational differences in the prevalence of side hustles. Nearly half of Generation Z respondents reported having a side hustle, a figure that decreases with older generations. While Generation Z was the most optimistic about not always needing an additional source of income, older generations expressed less certainty about their financial future without a side hustle.
Surge in Americans holding multiple jobs amid economic pressures
New federal data reveals that the number of Americans working two or more jobs has surged to its highest level since the pandemic began, signaling increased financial strain from inflation.. According to the Labor Department's report 2023, nearly 8.4 million people held multiple jobs in October, comprising 5.2% of the workforce—the highest percentage of moonlighters since January 2020. In October, employment statistics indicate that 5.9% of women held multiple jobs, compared to 4.7% of men.
Financial strain higher among households with children, study
According to a separate analysis of Census Bureau data by LendingTree, households with children under 18 are notably more prone to financial insecurity, with 44% reporting difficulties covering expenses, compared to 32% of households without children. From 2022 to 2024, parental households experienced a sharper rise (almost 9%) in struggles to meet expenses compared to nonparent households (nearly 6%), the analysis revealed.
