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Side hustles are soaring as Americans take on second jobs to be able to afford the normal stuff.
According to a new survey, one group in particular is feeling the crunch of rising inflation and home prices, and taking on extra work in response.
Bankrate released its side hustle survey on Wednesday and found that more than one in three U.S. adults make extra money with a side gig, like a weekend job or freelance work.
The survey noted that parents of children ages 18 and under are turning to side hustles more often than those without children or those with older kids.
“Many Americans are still finding that one job isn’t enough,” Bankrate Senior Industry Analyst Ted Rossman stated. “The cost of living has risen sharply in recent years.”
Nearly half (45%) of parents with kids younger than 18 have a side hustle compared to 36% of childless adults and 28% of parents with adult children.
The average monthly side hustle income is $891 per month and the majority of Americans with side hustles (52%) have only been at it for less than two years. They’re likely using the money to pay bills, build their savings, or for discretionary spending.
“My schedule is mayhem,” 41-year-old Jordan Chussler, parent to a 5-year-old daughter and editor of a financial publication, told Marketwatch.
His daughter’s private school bill is $10,600; inflation has brought household expenses up for his family across the board. Chussler works during his lunch break and at night, as a freelancer and at restaurants, to make ends meet.
Chussler and his wife make about $165,000 combined at their main jobs; Chussler takes on extra jobs throughout the year to bring their combined income closer to $200,000 for more financial security.
He puts the extra money from side hustles into a Roth IRA and his daughter’s education fund.
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Sherin Shibu
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