- In 2024, about fifty percent of Americans who work multiple jobs possess a college education, as indicated by a fresh analysis from the Federal Reserve.
- The most recent employment data released by the Bureau of Labor Statistics indicates that approximately 8.9 million individuals had more than one job in February.
Stephen Gilliam puts in 40 hours per week as a graphic designer at a company that contracts with the government.
In the evening, Gilliam returns home, has dinner, and takes a brief rest. Afterward, he fires up his laptop and gets back to work. freelance projects Designing movie posters is his task. He generally aims to finish by 10 p.m., catches some rest, and then recommences this routine the following day.
"The week might be good or not so great, but I strive to maintain that equilibrium," stated Gilliam, a 45-year-old resident of Augusta, Georgia.
Gilliam, who obtained his undergraduate degree in graphic design from the Art Institute of Atlanta, is among the countless workers possessing such qualifications. college education Who are tackling several jobs, a phenomenon referred to as "overemployment."
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These employees are taking on several positions for various reasons. Some seek new chances to progress or change their career paths. Others do so out of financial necessity. higher prices , flat salaries and other issues economic concerns , according to experts.
The February jobs report According to data from the Bureau of Labor Statistics, a record high of 8.9 million Americans stated that they were holding down multiple jobs, which accounts for 5.4% of all employed individuals—a figure last observed in April 2009, amidst the Great Recession.
According to new analysis According to the Federal Reserve Bank of St. Louis, the proportion of individuals holding multiple jobs who have earned a college degree rose to 50.2% in 2024, compared to 50.0% in 2023. In 2020, this figure stood at 48.6%, whereas in 2019 it was recorded as 45.1%. These insights stem from analyses of information provided by the Current Population Survey.
However, the monetary advantages may not be substantial: The Federal Reserve discovered that overworked Americans had an average yearly income of $57,865, which is only marginally greater than those holding just one position, who earned an average of $56,965 annually.
'A pretty complex phenomenon'
"Managing several positions simultaneously is quite a intricate situation," explained Julia Pollak, who serves as the chief economist at ZipRecruiter.
Pollak mentioned that this tendency could be fueled by opportunities available.
She mentioned that flexible, remote positions could easily accommodate a side gig. For instance, an individual in a leadership or managerial capacity might earn extra money from speaking events or consultancy projects.
"However, it is equally prompted by necessity," Pollak stated.
Experts suggest that individuals might require a side gig to boost their earnings in order to meet daily costs, settle debts, set aside money for later, or explore a new professional direction without giving up their main source of income.
Carolyn McClanathan, a certified financial planner and the founder of Life Planning Partners in Jacksonville, Florida, stated that wages have largely failed to keep pace with inflation and rising essential expenses such as housing costs.
"You really need to work much harder to make ends meet," stated McClanahan, who is a member of Pawonation.com's Financial Advisor Council .
"If you're going to try to have some semblance of a traditional life with kids, and a house and transportation, [it] takes a lot of money to do that," McClanahan said.
Excess employment might assist individuals in accumulating sufficient working hours since certain employers reduce their schedules. According to data from the Bureau of Labor Statistics, the average workweek for all workers employed in private non-farm sectors stood at 34.1 hours in February. This figure remained stable compared to the previous month yet marked a decline from both 34.2 hours recorded in December and 34.3 hours noted in February last year. found .
Pollak mentioned that if companies observe weak demand for workers and consequently reduce working hours, this could be an additional motive for individuals to seek extra employment, thereby filling both their weekly schedules and savings.
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