Millennials and Generation Z are among those most likely to be pursuing a side hustle.
Do you feel like you need to take on a second job to keep up with rising prices? If so, you’re not alone. The cost of living rose 8.2% in September, while wages rose just 5.1%. And there are still jobs to be had.
The labor market remains healthy, for now at least. The economy added 261,000 new jobs in October. The Federal Reserve, meanwhile, worries strong jobs figures will keep inflation at a 40-year high. Roughly one-third of Americans also reported that they have pursued some kind of side hustle. That’s according to a survey released this week by Prudential Financial, which polled more than 4,500 U.S. adults.
So what kind of gigs are people seriously considering and/or pursuing? Some 40% say they looking for “convenience work” such as ride-sharing and meal preparation, 28% are reselling old goods, and 22% are making their own craft goods. “It can be easy for good spending and savings habits to slip,” said Brandon Goldstein, a financial planner with Prudential. “As a millennial myself, I know how tough it can be to balance financial responsibility with having a social life.”
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