Facing inflation and economic uncertainty, U.S. workers are turning to side hustles to shore up their finances, recent reports show.
Fifty-eight percent of adults are debating getting a second job in the next year, according to a survey by the American Staffing Association that was conducted by The Harris Poll. Among those respondents, 72% of Generation Z respondents were considering a side hustle, compared to 67% of millennials and 30% of baby boomers.
That same survey found that 77% of adults think the U.S. will be in a recession within a year, and 42% think it already is.
"The effects of a recession are hitting workers across business sectors, including tech and social media companies, e-commerce and real estate," Richard Wahlquist, president and chief executive officer at the American Staffing Association, said in a news release. "As employers focus on reducing expenses and belt tightening, workers are considering turning to second jobs or extra shifts to make ends meet."
Over the past three months, 62% of workers said they either witnessed employers taking cost-cutting measures or heard employers talking about a potential recession, the survey found.
Another survey, this one by Lending Tree, found that 44% of Americans already have a side hustle, an increase of 13% from 2020. Of those with a second job, 43% need the extra money to cover bills, and 71% said they don’t think they could cover all of their expenses without the extra income.
On average, Americans earn an extra $5,700 per year from their second jobs, the Lending Tree survey found.
“Searching for a side hustle can often be overwhelming, especially for workers who may not have searched for a job in a while,” Richard Wahlquist, president and CEO of the American Staffing Association, told HR Dive via email. “With the right guidance and opportunity, job seekers can use side hustles to deepen their resumes in support of their chosen career paths and even find pathways to new career opportunities.”