While wages have started to tick up, it seems they’re still no match for the rising cost of living.
Despite a healthy economy and a strong labor market, 3 in 10 working Americans have a side job, saying the extra cash is necessary to help cover regular living expenses, according to a survey by Bankrate. Wage stagnation isn’t new, and though incomes have bounced back to pre-Great Recession levels, folks are still struggling to cover their expenses.
“Even if incomes are going up, expenses seem to be going up even faster,” says Alexandrea Ravenelle, an assistant professor at Mercy College.
Millennials are the most likely generation to be working a side hustle, according to the survey, followed by Generation X and baby boomers. Hustlers work an average of 12 hours per week on their extra job, earning an average $1,122 of additional monthly income.
Thirty-four percent of survey respondents said they use the extra cash for spending, while 30% use it on regular living expenses and 27% boost their savings.