New data reveals many workers don't have enough financial backup in case of lay offs
Nearly two in three adults in the United States are eyeing an additional source of income in the next year amid economic uncertainty, according to a new report.
A survey from the American Staffing Association (ASA) found that 64% of adults are looking to get a second job or start a side hustle in the next year.
Millennials (76%) and Gen Zs (73%) are more likely to do this, as well as parents with minor children (75%), the report noted.
Richard Wahlquist, chief executive officer at ASA, said the findings are not surprising given that economic uncertainty is dominating the headlines.
"For growing numbers of Americans, a side hustle can be a good way to build savings, pay off debt, find a new job, or change careers. However, for others, a side hustle means having enough money to make ends meet," Wahlquist said in a statement.
Taking on multiple jobs has been a growing trend across the world.
In New Zealand, a Robert Half survey late last year revealed that 49% of office workers are considering taking on a second job to meet their financial needs.
In Australia, the latest Bureau of Statistics survey showed that 6.5% of all employed people, or 963,100 individuals, are already juggling multiple jobs.
In Singapore, Ministry of Manpower data revealed that while multiple jobholders remained uncommon in the past year, they slightly edged up to three per cent.
Financial wellness has emerged as a recurring reason why many employees across the world are taking on multiple jobs.
This is also the case in the United States, where the need to secure an additional source of income among employees comes as the ASA report found that a significant portion of Americans have minimal financial cushion in the event of a layoff.
Among employed home renters, 28% said they have less than a month of current savings if they get retrenched today. This is also the case for 14% of employed homeowners.
Wahlquist said the findings underscore the need for financial literacy among Americans.
"There needs to be a renewed focus on ensuring that financial education is a required part of every high school curriculum," he said. "Financial literacy is a foundation upon which young adults can build a path to success in life on their own terms."
