Americans continue to feel the pressure of rising prices. The latest CivicScience data find nearly one-quarter (24%) of U.S. adults say they’ve had to take on new or additional work because of rising costs, numbers that have held relatively steady since Q3.
Gen Z adults and younger Millennials lead the way in regards to needing a second job to keep up with rising prices. Nearly half of Gen Z adults (45%) say they’ve required extra work to get by; the highest percentage among any age group. One factor that may be driving Gen Z into extra work? Debt. Recent CivicScience reporting suggests Gen Z are more likely to carry some form of debt than their Millennial counterparts did five years ago.
Tracking employment changes by income level, people at lower income levels are more likely to need multiple jobs to get by. Those making under $35K annually present the highest percentage of multi-job workers at (32%) followed by $35K-75K earners (25%).
While employment situation by income skews toward lower income levels, that’s not quite the full picture. A higher income level does not equate to immunity from the impacts of inflationary prices. In fact, as many as 17% of adults making over $125K per year report they’ve also needed to find additional work because of higher prices.
The latest CivicScience Economic Sentiment Index report shows economic sentiment is starting to rise. What remains to be seen is how much multi-job workers are contributing to this shift in sentiment. What kind of impact will they have in the ever-shifting state of the economy in the months ahead?
CivicScience can help you identify how your consumers (and your biggest competitors’ consumers) are feeling about inflation and the evolving economic climate. Let’s connect.