Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
Side hustles are increasing rapidly as Americans take on second jobs to afford the usual necessities.
One group is particularly hard hit by rising inflation and property prices and is taking on extra work in response, according to a new survey.
Bankrate released its side hustle survey on Wednesday and found that more than one in three U.S. adults earn extra money from a side hustle, such as a weekend job or freelance work.
The survey found that parents of children aged 18 and under are more likely to have part-time jobs than parents without children or with older children.
Related: This mom started a side hustle on Facebook – now she makes an average of $14,000 a month and can “work from a resort in the Maldives”
“Many Americans still feel that having a job is not enough,” said Bankrates senior industry analyst Ted Rossman. “The cost of living has risen sharply in recent years.”
Nearly half (45%) of parents with children under 18 have a second job, compared with 36% of childless adults and 28% of parents with adult children.
The average monthly side income is $891, and the majority of Americans with side jobs (52%) have been doing it for less than two years. They likely use the money to pay bills, build savings, or for discretionary spending.
Related: This 26-year-old's side hustle that “anyone can do” now makes him $170,000 a month. Here's what happened when I tried it.
“My schedule is a mess,” Jordan Chussler, 41, a father of a five-year-old daughter and editor of a financial publication, told Marketwatch.
His daughter's private school tuition is $10,600; inflation has driven up the family's overall household expenses. Chussler works freelance and in restaurants during his lunch breaks and at night to make ends meet.
Chussler and his wife make about $165,000 combined from their primary jobs. Chussler takes on additional jobs throughout the year to bring their combined income to about $200,000, providing greater financial security.
He puts the extra money from his side jobs into a Roth IRA and his daughter's education fund.
Related: He turned his high school science project into a product that solves a $390 billion problem: 'Nobody has done that before'
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
