This high rate of inflation doesn’t just mean that goods and services cost more — it also means that earnings will lose their value. Inflation rate is currently in 40-year highs, according to the government’s most recent measurement.
The impact also goes beyond cost of living increases — it impacts the way people view their personal finances, their career and how they want to invest what they have.
According to a workforce-as-a-service platform called Bluecrew’s September poll of more than 1,000 full-time, part-time, and jobless workers, nearly 70% of Americans are seeking for additional work to combat inflation.
85% of Americans stated they have already modified their purchasing patterns as a result of inflation, 72% believe it has affected how they view their jobs, and 57% have looked for new or extra roles in the past year.
According to Matt Laurinas, chief customer officer at Bluecrew, “rapid inflation is causing individuals to look at not only how they’re spending their money, but also how they’re earning their money.” Many job seekers already put in 40 hours per week and take on extra shifts or gig work on the weekends and evenings.
People who work hourly jobs and want more hours with another company or parents who need to work weekends so that a spouse or family member can help with childcare are some examples of people who are taking on more work.
The Wall Street Journal said that a resurgence in labour force participation rates and people’s desire to work more hours, both of which fell during the epidemic, may already be being driven by high inflation and economic concerns.
According to data from the St. Louis Federal Reserve, nearly 5% of employed Americans work multiple jobs, including 440,000 people who work two full-time jobs — a record high.
It’s not just about putting food on the table, it’s about still being able to live a life that you are currently living.