Findings from a new report suggest more than half of Americans are pulling double duty to make ends meet.
According to a new study by Qualtrics, a software company, US are attempting to fight inflated living costs soaring prices of essentials like food, rent, and gas by looking for ways to new income streams. The company spoke with 1000 full-time employees and found that 38% of workers said they have started looking for a second job, while another 14% are going to start soon.
“With budgets tightening, workers are searching for ways to meet the rising cost of living, including finding new jobs,” said Qualtrics Chief Workplace Psychologist Dr. Benjamin Granger as reported by ABC News.
Parents are particularly strapped as almost 70% said their wages aren’t cutting according to the poll. Nearly 47% of workers with kids are actively seeking part time work in addition to the jobs they already have. This makes sense since childcare costs are continuing to rise. The Brookings Institute has reported that raising children up through high school costs $300,000, which is $26,000 from two years ago.
The September consumer price index, which measures shifts in prices for food, housing, gasoline, utilities, and other goods, increased by 8.2% over the past 12 months in August — which marks a 40-year-high.
The latest data from the Bureau of Labor Statistics (BLS) reflect that energy prices are up 19.8% and gas alone has jumped 18.2% over the last year. Used car prices are up nearly 7.2% for the year, and new vehicle prices are up 9.4%.
Food is also a huge pain point for many households now as well.
In 2020, U.S. consumers allocated nearly 9% of their disposable personal income on food, per info from the U.S. Department of Agriculture. Any increase in food cost — regardless of how incremental — can mean less cash reserves, savings money or opportunities to pay down debt.
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