Inflation pushes over half of Americans to consider second jobs
With inflation standing persistently high in September and real wages declining, over half of working Americans have considered taking on multiple jobs to meet their living expenses, showed a study by Qualtrics International Inc.
The survey on more than 1,000 full-time US employees found that about 38% of workers have looked for a second job, while an additional 14% have plans to do so, Bloomberg reported.
About 18% of working adults said they had moved to an area with a lower cost of living to cut expenses, and another 13% plan to do so
The overall situation is particularly more troublesome for the working parents as about 70% of them say their pay isn't keeping up with rising expenses.
A recent Brookings Institution study estimated that the current spike in prices means it will now cost more than $300,000 to raise a child to age 17, up $26,000 since inflation took hold.
The study says nearly half of the working parents have looked for a second job and are almost twice as likely to have moved to cheaper cities than employees without children.
"With budgets tightening, workers are searching for ways to meet the rising cost of living, including finding new jobs," said Benjamin Granger, chief workplace psychologist at Qualtrics. "Employee turnover is a huge cost for companies, so it's business critical for organisations to understand which of their employees are likely to leave and why."
Holding two or more jobs is not a brand-new concept, especially for low-income workers struggling to cover basic living expenses. However, for many job holders, work-from-home arrangements have opened up novel opportunities to make extra money on the side.
According to a survey conducted in May by Zapier, a tech company specialising in automation, 40% of Americans have a side hustle. This number has risen up from about a third before the pandemic.
An American multinational consumer credit reporting agency, Equifax, dismissed two dozen employees for having a second full-time job, reported Business Insider.
Meanwhile, the recent return-to-office mandates adopted by employers may make taking on another job more difficult, while at the same time increasing costs previously offset by remote work—like commuting, midday meals and child care.
