Side hustles ARE flying as Americans take second jobs to be able to make ends meet normal things.
According to a new survey, one group in particular is feeling the pinch increase in inflation AND house pricesand taking on extra work in response.
Bankrate released its side hustle survey on Wednesday and found that more than one in three American adults earn extra money with a side gig, such as a weekend job or freelance work.
The survey noted that parents of children ages 18 and under are reaching out side hustle more often than those without children or those with older children.
“Many Americans are still realizing that one job is not enough,” said Bankrate senior industry analyst Ted Rossman. “The cost of living has increased significantly in recent years.”
Nearly half (45%) of parents with children younger than 18 have a side hustle compared to 36% of childless adults and 28% of parents with grown children.
Monthly average side hustle income is $891 per month, and most Americans with side hustles (52%) have been at it for less than two years. They are likely to use the money to pay bills, build their savings or for discretionary spending.
“My schedule is chaos,” said Jordan Chussler, 41, the parent of a 5-year-old daughter and editor of a financial publication. Watch Market.
His daughter's private school bill is $10,600; inflation has increased household spending on his family across the board. Chussler works during his lunch break and at night, as a freelancer and in restaurants, to make ends meet.
Chussler and his wife make about $165,000 combined in their main jobs; Chussler takes on extra work throughout the year to bring their combined income closer to $200,000 for more financial security.
He puts extra money from side hustles into a Roth IRA and his daughter's education fund.