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You\u2019ve heard it before, the side-hustle success story. It usually comes from a person that seems perpetually on a diet of Red Bull<\/a> and power bars speaking of \u201cturning their passion making thermosus into a six-figure Instagram<\/a> business,\u201d or \u201ctransforming their shoebox garage into a luxury AirBnB.\u201d\u00a0<\/p>\n In reality, most of us have an extra job, but that\u2019s not because of some caffeine-fueled passion; rather, it\u2019s simply because many can\u2019t afford to just have one source of income in this economy.\u00a0<\/p>\n It\u2019s a recent development, as 54% of Americans have added a side hustle \u201cto supplement their primary income\u201d within the past year, per a MarketWatch Guides study<\/a>. While surveying a group of 2,000 Americans, the business-news website found that many are turning to another job just to make ends meet.<\/p>\n While inflation recently has ebbed, wages were outpaced<\/a> by the high cost of living for a couple years. People are still feeling the sting from not being able to build wealth as much, as productivity increased and average worker pay<\/a> moved at a relative snail\u2019s pace. That all leads to 66% of Americans reporting to be living paycheck to paycheck, 57% of which add that they\u2019ve tacked on other gigs to cushion their income.<\/p>\n In many sectors, one salary isn\u2019t enough to live comfortably while saving for future expenses. Stephanie P., who works in one of the classically underpaid sectors as a teacher, spoke to EducationWeek<\/a> about her hand being forced to pick up another gig as a part-time college instructor. \u201cI do it because I have no choice. My second job pays my mortgage. I do what I have to do to survive in an economy where everything is going up in price \u2026 except my salary,\u201d she said in 2022.<\/p>\n Unsurprisingly, the younger generations are more economically vulnerable, and therefore more likely to turn to extra jobs. Gen Zers and their millennial elders were also handed a different set of cards than their more senior counterparts, as they deal with an uphill housing market, ill-time recessions, and a volatile economy that setback savings and inflated student loans. It all results in Gen Zers being the most likely to have two jobs (at 71%), followed by millennials at 68%, Gen Xers at 48%, and boomers at 32%.\u00a0<\/p>\n Indeed, younger generations are hustling more<\/a>, but they\u2019re still not feeling all that financially comfortable. Analysis from Bank of America<\/a> found these side hustles aren\u2019t really cutting it, as younger generations were hustling more but still had little discretionary income to show for it.\u00a0<\/p>\n \u201cThe younger end of the spectrum is feeling relatively more constrained than their older counterparts,\u201d Anna Zhou, economist at Bank of America<\/a> Institute and the report\u2019s author, told Fortune, asserting that the labor market is strong but there\u2019s a \u201crelative weakness among the younger generation.\u201d<\/p>\n And some people are turning to extra jobs for not just income reasons: 48% of respondents who aren\u2019t living paycheck to paycheck took on a side gig. Part of what likely is happening is that people are looking for extra stability, too<\/a>, as trust between companies and their employers wanes<\/a> during a time of layoffs in concentrated sectors.<\/p>\n But even with an extra job, overworked Americans are still feeling financially precarious. It\u2019s a much steeper uphill battle for those who are already vulnerable, as those with a side hustle are more likely than those who don\u2019t have one to report living paycheck-to-paycheck. And even with their added sources of income, 44% of those with side gigs report still feeling financially insecure. The top obstacles to both people with and without side-hustles include the high cost of living and not enough income.\u00a0It seems as a second gig can\u2019t even salve the sting of the current economy. <\/p>\n<\/div>\n\nSubscribe to the CEO Daily newsletter to get the CEO perspective on the biggest headlines in business. Sign up<\/a> for free.<\/div>\n