82% Of Americans Rely On Side Hustle Due To Inflation Since 2021

82% of Americans are relying on side hustles due to the inflation that has been increasing since 2021. However, once inflation cools down, find out if there is a need to continue the side hustles, says Backman.

Rising Costs of Living

Since mid-2021, the costs of living have been increasing due to inflation. One of the reasons why this happened is that Americans received several stimulus payments at once while supply chains were having problems. This resulted in an issue between the supply and demand where the costs of living have started to rise. Therefore, to cope with the inflation, 82% of Americans have taken on side hustles, according to a survey conducted by Neighbor.com.

Why The Need To Take On Side Hustles

According to Backman, taking on a side hustle could help a person bear the rising costs of living. However, even when inflation starts to cool down, taking on a side hustle must be carried on. The more a person earns, the less they have to worry about the costs of living. Money earned from side hustles can be used as extra to boost a person’s savings in case of emergencies or unexpected bills.

This 2023, there is also a projection that says a recession could hit the U.S. Even if inflation cools down, the recession could still happen. In this case, a side hustle is important in the instance that a person’s main job is compelled to downsize employees. A side hustle will be a backup source of income to rely on. If a salary increase at a person’s main job is also most likely not happening, a side hustle can provide an extra income.