More people are taking on second jobs because they literally can’t afford not to. September 12, 2024 - Fortune Magazine You’ve heard it before, the side-hustle success story. It usually comes from a person that seems perpetually on a diet of Red Bull and power bars. In reality, many American's have an extra job, but that’s not because of some caffeine-fueled passion; rather, it’s simply because many can’t afford to just have one source of income in this economy. It’s a recent development, as 54% of Americans have added a side hustle “to supplement their primary income” within the past year, per a MarketWatch Guides study. While surveying a group of 2,000 Americans, the business-news website found that many are turning to another job just to make ends meet. While inflation recently has ebbed, wages were outpaced by the high cost of living for a couple years. People are still feeling the sting from not being able to build wealth as much, as productivity increased and average worker pay moved at a relative snail’s pace. That all leads to 66% of Americans reporting to be living paycheck to paycheck, 57% of which add that they’ve tacked on other gigs to cushion their income. Some people are turning to extra jobs for not just income reasons: 48% of respondents who aren’t living paycheck to paycheck took on a side gig. Part of what likely is happening is that people are looking for extra stability, too, as trust between companies and their employers wanes during a time of layoffs in concentrated sectors. But even with an extra job, overworked Americans are still feeling financially precarious. It’s a much steeper uphill battle for those who are already vulnerable, as those with a side hustle are more likely than those who don’t have one to report living paycheck-to-paycheck. And even with their added sources of income, 44% of those with side gigs report still feeling financially insecure. The top obstacles to both people with and without side-hustles include the high cost of living and not enough income. It seems as a second gig can't even salve the sting of the current economy. #jobs #work #working #laborforce #economy #money #wages
