Even with working more than one job, 70 percent of people who work full-time in the gig economy say they’re unprepared to maintain their current lifestyle in their later decades. In fact, 20 percent say they’ll need to still put in some amount of work in their “retirement.”
Debt is another major reason people clock into multiple jobs.
Over 70 percent of side hustlers are working to pay off debt, and more than 15 percent of them are more than $50,000 in arrears, excluding mortgages, Betterment found.
More than 40 percent of people take on second or third jobs to pay off their credit card debt and more than a third do so to repay their education.
Other people report needing to look for more than one paycheck because of their bills.