New labor data indicates an alarmingly high number of people are looking for extra work to keep pace with inflation. In a survey from workforce-as-a-service platform Bluecrew, approximately 70 percent of Americans are looking for a second job right now because what used to be enough to cover bills and expenses simply isn’t cutting it anymore.
To put this into perspective, a Bank of America-sponsored survey indicated this number is up from 58 percent, in February.
More specifically, the latest data suggests that at least 57 percent of workers have sought either new or additional roles last year in an attempt to earn more money while more than 70 percent admit that inflation has impacted the way they view/value their job; and a whopping 85 percent have lamented they have had to change (read: shrink)) their spending habits to curb the effects of inflation on their personal budgets.
While all of these would be considered somewhat normal during an inflationary period—and considering that many lost their jobs because of the pandemic and are having trouble replacing that income—most people looking for a second job already log 40 hours a week. Many, of course, have added flexible gig work to cover it while some have simply picked up a second—or even third—job on evenings and/or weekends to make ends meet.
Those looking for additional income have employed many strategies to keep from going into the red. These strategies include tapping into their emergency savings (21 percent of workers surveyed), working extra hours at the same job (21 percent), and seeking higher wages at a different employer (20 percent). As many as 6 percent have turned to cashing out [all or some of] their 401(k) with a “hardship withdrawal”.
There are a few more numbers that should be taken into account when assessing the economic stability of workers in the US. For one, only about 44 percent of workers feel financially well-off. This is the lowest mark for this metric in the last five years; and also significantly lower than the 57 percent measured in February (not to be confused with the 58 percent of workers looking for work, in February, as mentioned above).
