Americans are freelancing now more than ever, and they’re increasingly working such jobs on the side to supplement their main income, according to a survey by Revelio Labs.
Some 3.2 million people now have a second job as a freelancer, independent contractor or consultant, according to Revelio Labs’ sample of online professional profiles. That’s up 60% from 2019 and largely driven by millennials, according to the workforce intelligence company.
Millennials — who are now ages 28 to 43 — have had it tough financially as many graduated in the aftermath of the 2008 financial crisis, carrying a mountain of student debt that has made it difficult to build wealth and buy a home. And in recent years, like Americans in other generations, many have struggled to keep up with persistent increases in the cost of living.
While inflation has eased considerably since peaking in mid-2022, prices are still higher for many goods and services — particularly rent — and not all wages have risen at the same pace.
“Despite historically low unemployment rates and robust job creation post-pandemic, millennials face a concerning decline in opportunity,” said Loujaina Abdelwahed, senior economist at Revelio Labs.
Millennials in freelance side hustles typically offer creative services such as writing, video editing, photography and graphic design, according to Revelio. For many of these workers, these gigs offer them a chance to pursue their passions and aren’t necessarily a sign of financial hardship.
The findings are also reflected in the government’s monthly jobs report. Nearly 8.4 million Americans worked more than one job in May, hovering near a record in data back to the 1990s, according to the Bureau of Labor Statistics.
This article was provided by Bloomberg News.