#United States #Financial Security #Alexandria #American Staffing Association #side hustle

Growing Economic Anxiety: Majority of US Workers Seeking Side Jobs

In a climate where financial security remains uncertain, the American Staffing Association has unveiled alarming statistics indicating that more than 60% of employed adults in the United States are contemplating supplemental income sources, such as a second job or side hustle, within the next year. This alarming trend reflects a growing anxiety that permeates many households across the nation and drives individuals to seek alternative revenue streams.

Key Findings of the Survey

This insight is part of the Workforce Monitor® survey, executed by The Harris Poll, which captured the concerns of various demographics regarding their financial stability. Findings revealed stark demographic divisions in terms of household dynamics and generational attitudes toward additional employment.

• - Parental Status: Among employed parents with minor children, a substantial 75% expressed intentions of pursuing additional jobs or side hustles. In contrast, only 55% of adults without children under 18 mirrored this resolve.
• - Generational Divide: Employed Millennials (ages 29 to 44) and Generation Z (ages 18 to 28) showcased the highest interest, with 76% and 73%, respectively, considering side work. These figures stand in stark contrast to Generation X (ages 45-60) at 59% and Baby Boomers (ages 61-79) at just 37%.
• - Social Media Influence: Interestingly, daily social media users led the charge, with 84% indicating a willingness to explore additional employment. This number significantly drops to 65% for weekly users and 50% for those not using social media.

Richard Wahlquist, CEO of ASA, emphasized that for a considerable number of Americans, taking on a side hustle is no longer just a way to boost savings and pay off debts; it has become a necessary strategy to manage daily expenses amid economic uncertainties.

Financial Insecurity and Its Implications

The survey further deepens this narrative of financial anxiety by highlighting how unprepared many households are for unexpected job loss. An alarming 19% of employees said their savings could only cater to less than one month’s worth of expenses if they were laid off today. Additionally, it was discovered that 28% of employed renters might struggle with similar issues, as compared to just 14% of homeowners.

Wahlquist remarked on the urgency for greater financial literacy programs to be integrated into school curricula. The lack of financial education can leave young adults unprepared and vulnerable when facing economic hardships, which in turn exacerbates the cycle of financial stress.

The Path Forward

Given the findings, it is clear that American workers are navigating a financial landscape fraught with uncertainties. The increasing shift towards looking for a second job or diversifying income sources speaks volumes about the current state of economic health in the country. As employees take proactive steps in seeking additional income, it raises critical discussions around job security, financial education, and the growing gig economy.

The findings urge policymakers and educational institutions to consider refreshing curricula to equip the younger generations with essential financial management skills. In doing so, they can foster a more resilient workforce capable of navigating unforeseen economic challenges.

Conclusion

As economic anxiety continues to shape the financial decisions of workers, the trend towards second jobs and side hustles is likely to expand. This evolution not only changes the way individuals view work but also how they approach financial planning for their future. The need for preparedness and adaptability in an ever-changing economic landscape has never been more pronounced, and the implications of this survey will undoubtedly resonate for years to come.