The Future. H&R Block’s “Outlook on American Life Report,” which examined the info of 20 million tax filers, found that millennials turned to side hustles to pay the bills, attain job security, and open up new creative channels. With more millennials taking on second and third jobs to keep up with housing prices and inflation, companies may have to start building systems that support employees’ need for multiple sources of income if they themselves can’t pay higher wages.
For millennials making between $45,000 and $145,000, one job is never enough.
- On average, the generation born between 1981 and 1996 works a full-time job and two additional jobs to keep up with inflation and the rising cost of living because most make under $80,000 per year.
- One in three millennials plans to sign up for app-based gig work like Uber or Taskrabbit, and millennials are also the most likely to rent out part of their home for more money.
- Additionally, the specter of entering the workforce after the Great Recession, the fear of arbitrary layoffs, and the need to take care of kids and parents drove millennials to collect jobs like horcruxes.
Side hustles aren’t always about survival. Many millennials surveyed by Fast Company found that while full-time jobs are the foundation of their professional lives, side hustles help them augment their skills, start something they’re passionate about, or solve a problem they feel uniquely skilled to handle.
But, yes, the extra money’s nice, too.