{"id":9283,"date":"2022-12-19T06:00:00","date_gmt":"2022-12-19T13:00:00","guid":{"rendered":"https:\/\/blog2.neighbor.com\/storage-blog\/?p=9283"},"modified":"2024-01-29T16:34:16","modified_gmt":"2024-01-29T23:34:16","slug":"inflation-americans-side-hustle","status":"publish","type":"post","link":"https:\/\/www.neighbor.com\/storage-blog\/inflation-americans-side-hustle\/","title":{"rendered":"As Inflation Persists, 39% of Americans Work a Side Hustle"},"content":{"rendered":"<!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body><p>As another year passes us by, inflation remains here to stay.&nbsp;<\/p>\n<p>The Consumer Price Index <a href=\"https:\/\/www.bls.gov\/news.release\/pdf\/cpi.pdf\" target=\"_blank\">jumped more than 7% in 2022<\/a>. Groceries had a much higher <a href=\"https:\/\/www.cnbc.com\/2022\/10\/14\/how-to-save-on-groceries-as-cpi-food-at-home-prices-soar.html\" target=\"_blank\">price hike at 13%<\/a>. And electricity bills topped even that by ballooning almost <a href=\"https:\/\/www.npr.org\/2022\/09\/13\/1122371879\/electricity-utilities-gasoline-gas-prices-inflation-august-cpi-consumer-prices\" target=\"_blank\">16%<\/a>. The skyrocketing prices have <a href=\"https:\/\/fortune.com\/2022\/10\/25\/inflation-outpaces-wage-growth-two-thirds-employed-americans-live-paycheck-to-paycheck-study\/\" target=\"_blank\">more than half of Americans<\/a> making six figures feeling like they live paycheck to paycheck. Since inflation has <a href=\"https:\/\/www.wsj.com\/articles\/inflation-has-outpaced-wage-growth-now-its-cutting-into-spending-11658050200\" target=\"_blank\">outpaced wage growth<\/a>, households across the U.S. face tough choices. Which financial sacrifices do they make? Are they seeking out new income streams to offset higher expenses?<\/p>\n<p>We surveyed 1,000 American adults for a glimpse into their spending behavior. While many of them are making cutbacks, they&rsquo;re also turning to side hustles, seasonal jobs, and extra hours at their current job to relieve inflation&rsquo;s strain. Americans are using these extra revenue streams to buy groceries, help make rent or mortgage payments, and afford travel.&nbsp;<\/p>\n<p><strong>Key takeaways:<\/strong><\/p>\n<ul>\n<li>Only 46% of Americans received a raise in the past year, despite high inflation.&nbsp;<\/li>\n<li>57% of Americans are trying to cut back on heat, water, and electricity to save money on their utility bills to account for inflation.&nbsp;<\/li>\n<li>68% of Americans are either currently working or plan to pick up a side hustle to earn extra income.&nbsp;<\/li>\n<li>82% of Americans who said they either have or plan to start a side gig, seasonal job, or work overtime said inflation pushed them to seek the extra income. Two thirds of this group use these new earnings to pay for groceries.<\/li>\n<li>60% of Americans with some version of side work earn $500 or less per month from it.&nbsp;<\/li>\n<li>22% of respondents said they&rsquo;d pay down debt if they had an extra $300 a month.&nbsp;<\/li>\n<li>Of those who plan to start a hustle, 71% said they weren&rsquo;t familiar with what&rsquo;s available or where to start.&nbsp;<\/li>\n<\/ul>\n<h2 id=\"despite-inflation-less-than-half-of-americans-got-a-raise-this-year\">Despite Inflation, Less Than Half of Americans Got a Raise This Year<\/h2>\n<p><a href=\"https:\/\/www.bls.gov\/news.release\/pdf\/eci.pdf\" target=\"_blank\">Wages grew by 5.1% in 2022<\/a>. But &ldquo;real earnings,&rdquo; which adjust for inflation, <a href=\"https:\/\/www.google.com\/search?q=real+wages&amp;rlz=1C5CHFA_enUS990US990&amp;oq=real+wages&amp;aqs=chrome..69i57j0i512l9.964j0j9&amp;sourceid=chrome&amp;ie=UTF-8\" target=\"_blank\">declined by nearly 3%<\/a>. And even though employers across the country offered modest raises this year, many Americans were left without the necessary pay bump to account for rising prices. In fact, only 46% of Americans got a raise in the past year, with 16% not receiving one in the last two years.<\/p>\n<p><img  decoding=\"async\"  src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEUAAP+KeNJXAAAAAXRSTlMAQObYZgAAAAlwSFlzAAAOxAAADsQBlSsOGwAAAApJREFUCNdjYAAAAAIAAeIhvDMAAAAASUVORK5CYII=\"  alt=\"Last Time Americans Received a Pay Increase at Work\"  width=\"1699\"  height=\"778\"  class=\" pk-lazyload\"  data-pk-sizes=\"auto\"  data-pk-src=\"https:\/\/www.neighbor.com\/storage-blog\/wp-content\/uploads\/2022\/12\/02-neighbor-hustle.png\" ><\/p>\n<h2 id=\"inflation-drives-americans-to-cut-back-on-utilities-among-making-other-financial-sacrifices\">Inflation Drives Americans to Cut Back on Utilities, Among Making Other Financial Sacrifices<\/h2>\n<p>With insufficient wage hikes, many Americans have to change their spending habits. As it turns out, more than half of our survey respondents are limiting use of essential utilities &mdash; like heating, electricity, and water &mdash; to cut the cost of their bills.&nbsp;<\/p>\n<p>What&rsquo;s more, 47% of Americans are surveying grocery store aisles for generic brands in lieu of name brands. They&rsquo;re also downsizing, opting to buy cheaper cars, and putting more purchases on credit cards.&nbsp;<\/p>\n<p><img  decoding=\"async\"  src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEUAAP+KeNJXAAAAAXRSTlMAQObYZgAAAAlwSFlzAAAOxAAADsQBlSsOGwAAAApJREFUCNdjYAAAAAIAAeIhvDMAAAAASUVORK5CYII=\"  alt=\"How Is Inflation Changing American Spending Habits?\"  width=\"1981\"  height=\"1012\"  class=\" pk-lazyload\"  data-pk-sizes=\"auto\"  data-pk-src=\"https:\/\/www.neighbor.com\/storage-blog\/wp-content\/uploads\/2022\/12\/03-neighbor-hustle.png\" ><\/p>\n<p>And households aren&rsquo;t just cutting back on goods and services. They&rsquo;re also missing out on experiences. According to our data, 45% of Americans say there was a life milestone they wanted to reach in 2022 &mdash; like marriage, retirement, or new home purchase &mdash; but couldn&rsquo;t afford.&nbsp;<\/p>\n<h2 id=\"68-of-americans-are-either-working-or-plan-to-work-a-side-gig\">68% of Americans are either working or plan to work a side gig<\/h2>\n<p>There&rsquo;s cutting back, then there&rsquo;s keeping up. Americans are turning to side hustles, like delivering groceries or renting out part of their garage as storage space, to hold pace with how expensive everything is.&nbsp;<\/p>\n<p>The gig economy is booming. An <a href=\"https:\/\/www.globenewswire.com\/news-release\/2021\/05\/26\/2236099\/0\/en\/Global-freelance-platform-market-size-is-projected-to-boom-at-a-CAGR-of-15-3-during-2021-2026.html\" target=\"_blank\">Orbis Market Research report<\/a> projects the global freelance market to grow at a rate of 15.3% through 2026. 39% of our survey respondents said they already have a side hustle and an additional 29% plan to pick one up in the near future.<\/p>\n<p><img  decoding=\"async\"  src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEUAAP+KeNJXAAAAAXRSTlMAQObYZgAAAAlwSFlzAAAOxAAADsQBlSsOGwAAAApJREFUCNdjYAAAAAIAAeIhvDMAAAAASUVORK5CYII=\"  alt=\"Americans Who Have (or Plan to Have) Side Gigs\"  width=\"1980\"  height=\"2549\"  class=\" pk-lazyload\"  data-pk-sizes=\"auto\"  data-pk-src=\"https:\/\/www.neighbor.com\/storage-blog\/wp-content\/uploads\/2022\/12\/04-neighbor-hustle.png\" ><\/p>\n<p>Apart from side hustles, 44% of Americans currently work or plan to work a seasonal job, like unloading boxes at an Amazon warehouse or stocking shelves at a Walmart. And 51% either currently work or plan to work overtime at their current day job.&nbsp;<\/p>\n<h2 id=\"2-in-3-americans-who-have-or-plan-to-take-on-extra-work-are-using-the-money-for-groceries\">2 in 3 Americans Who Have (or Plan to Take on) Extra Work are Using the Money for Groceries<\/h2>\n<p>66% of Americans who either have or plan to get a side gig, seasonal job, or extra hours at their job are using the ancillary income to buy groceries &mdash; one of the expenses most impacted by inflation.&nbsp;<\/p>\n<p><img  decoding=\"async\"  src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEUAAP+KeNJXAAAAAXRSTlMAQObYZgAAAAlwSFlzAAAOxAAADsQBlSsOGwAAAApJREFUCNdjYAAAAAIAAeIhvDMAAAAASUVORK5CYII=\"  alt=\"How Are Americans Spending (Or Planning to Spend) the Income From Their Extra Work?\"  width=\"1981\"  height=\"1012\"  class=\" pk-lazyload\"  data-pk-sizes=\"auto\"  data-pk-src=\"https:\/\/www.neighbor.com\/storage-blog\/wp-content\/uploads\/2022\/12\/05-neighbor-hustle.png\" ><\/p>\n<h2 id=\"4-in-5-americans-who-have-or-plan-to-take-on-extra-work-said-inflation-pushed-them-to-seek-it-out\">4 in 5 Americans Who Have (or Plan to Take on) Extra Work Said Inflation Pushed Them to Seek it Out<\/h2>\n<p>It makes intuitive sense, and the data backs it up: inflation concerns are driving people toward side hustles. In fact, 82% of Americans who have or plan to get a side gig, seasonal job, or extra hours at work say inflation factored into their decision.&nbsp;<\/p>\n<p>And this isn&rsquo;t just an end-of-year sprint to afford holiday expenses. <a href=\"https:\/\/www.neighbor.com\/storage-blog\/holiday-hustles\/\">Almost half of Americans<\/a> planned to spend more money on the holidays in 2022 compared to 2021 and likely picked up side gigs to make up the difference. But it looks like they&rsquo;re committing long-term, as more than 9 in 10 Americans plan to continue their side hustle, seasonal job, or extra work hours after the holidays.&nbsp;<\/p>\n<p><img  decoding=\"async\"  src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEUAAP+KeNJXAAAAAXRSTlMAQObYZgAAAAlwSFlzAAAOxAAADsQBlSsOGwAAAApJREFUCNdjYAAAAAIAAeIhvDMAAAAASUVORK5CYII=\"  alt=\"73% of Americans with extra work feel like the supplemental earnings bring less stress about their financial situation and more savings\"  width=\"1981\"  height=\"980\"  class=\" pk-lazyload\"  data-pk-sizes=\"auto\"  data-pk-src=\"https:\/\/www.neighbor.com\/storage-blog\/wp-content\/uploads\/2022\/12\/06-neighbor-hustle.png\" ><\/p>\n<p>Our study also shows that in this economic climate, 73% of Americans with extra work feel like the supplemental earnings bring less stress about their financial situation and more savings.&nbsp;<\/p>\n<p>But which side hustles are Americans choosing? Amid the flurry of options, gig workers are turning to food and grocery delivery, rideshare driving, and renting out living and storage space.&nbsp;<\/p>\n<p><img  decoding=\"async\"  src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEUAAP+KeNJXAAAAAXRSTlMAQObYZgAAAAlwSFlzAAAOxAAADsQBlSsOGwAAAApJREFUCNdjYAAAAAIAAeIhvDMAAAAASUVORK5CYII=\"  alt=\"Which Side Gigs Do Americans Work?\"  width=\"1981\"  height=\"1147\"  class=\" pk-lazyload\"  data-pk-sizes=\"auto\"  data-pk-src=\"https:\/\/www.neighbor.com\/storage-blog\/wp-content\/uploads\/2022\/12\/07-neighbor-hustle.png\" ><\/p>\n<h2 id=\"most-americans-who-take-on-extra-work-earn-up-to-500-per-month-in-extra-income\">Most Americans Who Take on Extra Work Earn Up to $500 Per Month in Extra Income<\/h2>\n<p>According to our study, 3 in 5 Americans earn as much as $500 from their side hustles, seasonal jobs, or extra work hours. Since inflation <a href=\"https:\/\/www.cnbc.com\/2022\/05\/12\/whats-more-expensive-as-inflation-costs-families-extra-341-a-month-.html\" target=\"_blank\">adds $341<\/a> in expenses to U.S. households every month, many gig workers are earning enough extra income to cushion the blow.&nbsp;<\/p>\n<p><img  decoding=\"async\"  src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEUAAP+KeNJXAAAAAXRSTlMAQObYZgAAAAlwSFlzAAAOxAAADsQBlSsOGwAAAApJREFUCNdjYAAAAAIAAeIhvDMAAAAASUVORK5CYII=\"  alt=\"Monthly Earnings From Side Work\"  width=\"1980\"  height=\"907\"  class=\" pk-lazyload\"  data-pk-sizes=\"auto\"  data-pk-src=\"https:\/\/www.neighbor.com\/storage-blog\/wp-content\/uploads\/2022\/12\/08-neighbor-hustle.png\" ><\/p>\n<h2 id=\"22-of-americans-would-pay-off-debt-with-an-extra-300-a-month-in-income\">22% of Americans Would Pay Off Debt With an Extra $300 a month in income<\/h2>\n<p>While most Americans won&rsquo;t get rich off their side gigs, having a few extra hundred dollars in monthly earnings can help households meet financial goals. We wanted to know how American adults would spend side gig income, and found that 1 in 5 would strive to pay down debt. Other popular options were saving for a new car or down payment on a home.&nbsp;<\/p>\n<p><img  decoding=\"async\"  src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEUAAP+KeNJXAAAAAXRSTlMAQObYZgAAAAlwSFlzAAAOxAAADsQBlSsOGwAAAApJREFUCNdjYAAAAAIAAeIhvDMAAAAASUVORK5CYII=\"  alt=\"If Americans Had an Extra $300\/Month in Income, What Would They Prioritize?\"  width=\"1980\"  height=\"1408\"  class=\" pk-lazyload\"  data-pk-sizes=\"auto\"  data-pk-src=\"https:\/\/www.neighbor.com\/storage-blog\/wp-content\/uploads\/2022\/12\/09-neighbor-hustle.png\" ><\/p>\n<h2 id=\"many-americans-without-side-gigs-want-them-but-worry-they-dont-have-time\">Many Americans Without Side Gigs Want Them, But Worry They Don&rsquo;t Have Time<\/h2>\n<p>Of the people who said they plan to start a side hustle, 71% said they weren&rsquo;t familiar with what&rsquo;s available or where to start. Americans without side hustles also cited time concerns &mdash; 61% said they could only dedicate somewhere between 1 and 10 hours a week to a supplemental gig. This makes a strong case for seeking out passive income streams, like renting out space you already own, which allows workers to fit more hands-off gigs into busy schedules.&nbsp;<\/p>\n<p><img  decoding=\"async\"  src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEUAAP+KeNJXAAAAAXRSTlMAQObYZgAAAAlwSFlzAAAOxAAADsQBlSsOGwAAAApJREFUCNdjYAAAAAIAAeIhvDMAAAAASUVORK5CYII=\"  alt=\"Many Americans Without Side Gigs Want Them, But Worry They Don't Have Time\"  width=\"1980\"  height=\"1493\"  class=\" pk-lazyload\"  data-pk-sizes=\"auto\"  data-pk-src=\"https:\/\/www.neighbor.com\/storage-blog\/wp-content\/uploads\/2022\/12\/10-neighbor-hustle.png\" ><\/p>\n<h2 id=\"survey-methodology\">Survey Methodology<\/h2>\n<p>Using Pollfish.com, we surveyed 1,003 American adults on October 30, 2022. Respondents had to be 18 years or older to participate. Survey respondents were all based in the U.S.&nbsp;<\/p>\n<p>Respondents were 44% male and 56% female. Their ages were:<\/p>\n<ul>\n<li>18-24: 16.35% of respondents<\/li>\n<li>25-34: 21.73% of respondents&nbsp;<\/li>\n<li>35-44: 29.41% of respondents&nbsp;<\/li>\n<li>45-54: 18.84% of respondents&nbsp;<\/li>\n<li>Over 54: 13.66% of respondents<\/li>\n<\/ul>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"A survey of 1,000 American adults shows only 46% of workers got a raise in the past year. Many are turning to side hustles to buffer against rampant inflation. \n","protected":false},"author":25,"featured_media":9285,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-9283","post","type-post","status-publish","format-standard","has-post-thumbnail","category-side-hustles","cs-entry","cs-video-wrap"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>As Inflation Persists, 39% of Americans Work a Side Hustle - Neighbor Blog<\/title>\n<meta name=\"description\" content=\"A survey of 1,000 American adults shows only 46% of workers got a raise in the past year. 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Many are turning to side hustles to buffer against rampant inflation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.neighbor.com\/storage-blog\/inflation-americans-side-hustle\/\" \/>\n<meta property=\"og:site_name\" content=\"Neighbor Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-19T13:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-29T23:34:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.neighbor.com\/storage-blog\/wp-content\/uploads\/2022\/12\/01-neighbor-hustle.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1980\" \/>\n\t<meta property=\"og:image:height\" content=\"1324\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Casey Schow\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casey Schow\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.neighbor.com\/storage-blog\/inflation-americans-side-hustle\/\",\"url\":\"https:\/\/www.neighbor.com\/storage-blog\/inflation-americans-side-hustle\/\",\"name\":\"As Inflation Persists, 39% of Americans Work a Side Hustle - Neighbor Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.neighbor.com\/storage-blog\/#website\"},\"datePublished\":\"2022-12-19T13:00:00+00:00\",\"dateModified\":\"2024-01-29T23:34:16+00:00\",\"author\":{\"@id\":\"https:\/\/www.neighbor.com\/storage-blog\/#\/schema\/person\/ef46f0328b3b37ab68cf55f85c8fb21b\"},\"description\":\"A survey of 1,000 American adults shows only 46% of workers got a raise in the past year. 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