More and more Americans are taking on extra jobs to afford on a regular basis expenses.
One group is feeling the brunt of rising inflation and house prices, forcing them to take on extra work, a recent study shows.
Bankrate has released its survey about additional activity on Wednesday and found that greater than a third of American adults complement their income by taking on a side job, akin to a weekend job or being self-employed.
The study found that parents of children aged 18 and under were more prone to opt for extra-curricular activities than parents without children or with older children.
“Many Americans still feel like one job is not enough,” said Bankrate senior industry analyst Ted Rossman. “The cost of living has skyrocketed in recent years.”
Almost half (45%) of parents of children under 18 work part-time, in comparison with 36% of parents without children or parents with adult children, and 28% of parents with adult children.
The median monthly income from a side hustle is $891 per thirty days, and most Americans with a side hustle (52%) have been doing so for lower than two years. They likely use the money to pay bills, build savings, or go on discretionary spending.
“My schedule is chaos,” said Jordan Chussler, 41, a parent of a 5-year-old daughter and an editor at a financial magazine Market watch.
His daughter’s private school bill is $10,600; inflation has driven up household expenses across the board. Chussler works lunch breaks and evenings, freelance work, and work in restaurants to make ends meet.
Chussler and his wife earn a combined $165,000 from their foremost jobs. Chussler takes on additional jobs throughout the 12 months to bring their combined income closer to $200,000 and provide himself with greater financial security.
He puts more money from extracurricular activities into a Roth IRA and his daughter’s college fund.