BUSINESS + ECONOMY

Many are getting second (and even a third) job to keep up with inflation

Jun 21, 2022, 1:56 PM

second job inflation...

A Bankrate.com survey says it's mostly millennials who are feeling the inflation pinch and looking to a second job for help. Photo: Canva

SALT LAKE CITY — A new survey from Bankrate.com shows that, because of inflation, 41% of Americans say they need to pick up a second job in order to make ends meet.  That’s up from 31% in 2019.

The study reports inflation is causing people to spend more of their discretionary money on goods like gas and groceries. And that’s instead of putting money into savings or retirement accounts.

The largest group of people who are getting a second job due to inflation appears to be millennials or those between the ages of 26 and 32.  When asked, 43% of millennials say they are getting side hustles to pay for living expenses.

Women are also hard hit.  The survey found that 48% of the women respondents said they need more money to make ends meet but are only bringing in $571 in extra income.  Whereas men are making almost $1500 more a month when they pick up a side job. Of the male respondents to the Bankrate survey, 33% said they need more money.

You can see the entire breakdown of the Bankrate.com study here.

To learn different ways to earn extra cash, listen to this KSL NewsRadio Money Making Sense podcast.

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Many are getting second (and even a third) job to keep up with inflation