Why More College Graduates Are Juggling Multiple Jobs
Did you know that in 2024, nearly half of Americans holding multiple jobs have a college degree? It’s pretty wild! This trend, which some are calling “overemployment,” has been highlighted in a recent analysis from the Federal Reserve, and it’s becoming more common in today’s job market.
The Numbers Tell the Story
According to the latest jobs report from the Bureau of Labor Statistics, around 8.9 million workers had multiple jobs as of February. That’s 5.4% of all employed workers—the highest this figure has been since back in 2009 during the Great Recession. Here’s a quick rundown of what’s happening:
- Multiple Job Holders: Roughly half of those juggling multiple jobs are college-educated.
- The Income Gap: The average income for these overemployed individuals is $57,865, slightly better than those with just one job, who earn around $56,965.
- Historical Context: The percentage of overemployed college grads has increased steadily from 45.1% in 2019 to 50.2% in 2024.
What’s Driving This Trend?
So why are so many educated folks adding more to their plates? Experts say it’s a mix of chasing new opportunities and just plain old financial necessity.
– **Opportunity Knocks:** With remote work becoming more popular, it’s easier for people to pick up side gigs or freelance jobs. For instance, someone in management might also take on consulting work or speaking engagements.
– **Financial Pressure:** On the flip side, many are feeling the pinch of rising prices and stagnant wages. The cost of living continues to climb, and folks need that extra income to cover expenses, pay down debt, or even save for the future.
Carolyn McClanahan, a certified financial planner, puts it simply: “You have to work a lot harder to make ends meet.” When you’re trying to balance raising a family and managing a household, it takes serious cash!
Confronting the Reality
It’s worth noting that this trend doesn’t just impact individuals; it can also shape the job market. Employers might be cutting back hours due to diminished demand, pushing workers to find additional hours elsewhere to keep their finances afloat. For example, the average workweek for all employees dropped slightly, which could channel some folks toward extra jobs.
In a nutshell, the rise in overemployment reflects deeper economic currents. It’s complex, and while it can offer benefits like more variety in work, it also reveals the financial struggles many still contend with today.
So, next time you hear someone mention their side hustle or extra gig, know they might just be part of this growing trend of savvy, educated professionals doing what it takes to thrive in a challenging job landscape!
