Almost 70% of Americans need extra cash to make ends meet | finder.com

Almost 70% of Americans need extra cash to make ends meet

Online selling, moonlighting and finding a better job are top ways we plan to bring home the (extra) bacon.

Americans are in need of extra cash, with a recent finder.com study finding some 68% of us are looking to bring in a little extra income in the coming 12 months. That’s about 162 million US adults hoping to supplement their income.

Make money, money, make money, money, money

If you’re planning a side hustle in the next 12 months, chances are that you’ll see if others will buy the stuff you don’t want. We found that the No. 1 way Americans plan to earn extra money in the next year is by selling unwanted items either online or through a good old-fashioned garage sale.

That’s not all we intend to do, however. Roughly 69 million Americans (28%) plan on moonlighting and are looking for a second job to make ends meet, followed by people who plan on leaving their current job in search of greener pastures (20%).

Other top ways to earn a buck include completing tasks on a platform like TaskRabbit and selling homemade objects on sites like Etsy. Not-so-popular options include driving for a ridesharing company like Uber or renting out a spare room.

Method for Additional Income %
Selling unwanted items (eBay, garage sale) 43%
Plan on getting an additional job (second job) 28%
Plan on leaving my current job and getting a higher paying one 20%
Do small jobs on sites such as Task Rabbit 20%
Plan getting a promotion 16%
Selling items they make (at markets, Etsy etc) 15%
Professional freelancing (copywriting, design etc) 14%
Investing in shares 12%
Retraining in current role to boost my income (or get a pay rise) 11%
Other 9%
Retraining in a new field to get a new job in a higher paying field 8%
Investing in cryptocurrency 7%
Driving an uber in spare time 6%
Renting out a spare room 3%
Source: finder.com

How do men and women differ on making more money?

Gender

Men and women both say the top way they plan to make extra dollars over the next 12 months is by selling unwanted items. However, women (23%) are slightly more likely to sell unwanted items than men (17%).

Women are also more likely than men to seek out a second job, with 15% of women and 11% of men saying they’d be looking for side jobs in the coming year.

More men than women appear to find higher-paying work an option, with 11% of men saying they’re going to find a better job versus 8% of women. Men are also slightly more confident they’ll get a promotion in the next year, with 8% of men expecting a bigger paycheck versus 7% of women.

Method for Additional Income Women % Men %
Selling unwanted items (eBay, garage sale) 23% 17%
Plan on getting an additional job (second job) 15% 11%
Plan on leaving my current job and getting a higher paying one 8% 11%
Do small jobs on sites such as Task Rabbit 10% 9%
Plan getting a promotion 7% 8%
Selling items they make (at markets, Etsy etc) 9% 6%
Professional freelancing (copywriting, design etc) 6% 7%
Investing in shares 3% 8%
Retraining in current role to boost my income (or get a pay rise) 5% 5%
Other 5% 4%
Retraining in a new field to get a new job in a higher paying field 4% 4%
Investing in cryptocurrency 2% 5%
Driving an uber in spare time 2% 4%
Renting out a spare room 1% 1%

Source: finder.com

Your age may affect how you plan on making extra dough

Generation

Baby boomers are the most industrious generation when it comes to peddling their unwanted items to others. A whopping 33% of boomers say it’s how they plan on making extra dough, compared with only 23% of Gen Xers and 16% of Gen Y.

Gen X is more likely to lend a hand to others in their ‘hood, with 11% planning to sell their services on sites like TaskRabbit, compared with just 5% of baby boomers and 9% of Gen Y.

Gen Y’s plan for success is simple: 11% say they’ll get a better job that pays more. Compare that to only 6% of boomers and 7% of Gen Xers who say the same.

Method for Additional Income Baby Boomers Gen X Gen Y
Selling unwanted items (eBay, garage sale) 33% 23% 16%
Plan on getting an additional job (second job) 10% 13% 14%
Plan on leaving my current job and getting a higher paying one 6% 7% 11%
Do small jobs on sites such as Task Rabbit 5% 11% 9%
Plan getting a promotion 3% 6% 9%
Selling items they make (at markets, Etsy etc) 8% 7% 7%
Professional freelancing (copywriting, design etc) 5% 6% 7%
Investing in shares 10% 6% 5%
Retraining in current role to boost my income (or get a pay rise) 3% 5% 6%
Other 10% 5% 3%
Retraining in a new field to get a new job in a higher paying field 2% 3% 5%
Investing in cryptocurrency 4% 4% 3%
Driving an uber in spare time 2% 3% 3%
Renting out a spare room 1% 2% 1%

Source: finder.com

If you’re not working, you’ve got plenty of time to sell your s#!t

Employment status

A high 39% of retirees say their top pick for extra income over the next year is unloading their unwanted items online or at a garage sale.

And while part-time work’s got many perks, it may not be cutting it for everybody, given the 20% of those who are employed part-time saying they’ll look for a second job to bring in extra income.

Method for Additional Income Casual Full time Part time Retired Studying Unemployed
Selling unwanted items (eBay, garage sale) 28% 17% 17% 39% 19% 23%
Plan on getting an additional job (second job) 11% 13% 20% 6% 17% 8%
Plan on leaving my current job and getting a higher paying one 5% 11% 14% 1% 9% 7%
Do small jobs on sites such as Task Rabbit 13% 8% 7% 7% 13% 13%
Plan getting a promotion 0% 12% 6% 0% 6% 3%
Selling items they make (at markets, Etsy etc) 10% 6% 6% 11% 10% 9%
Professional freelancing (copywriting, design etc) 9% 7% 6% 5% 8% 6%
Investing in shares 6% 6% 4% 9% 4% 6%
Retraining in current role to boost my income (or get a pay rise) 2% 7% 4% 2% 4% 2%
Other 5% 2% 5% 11% 2% 9%
Retraining in a new field to get a new job in a higher paying field 1% 3% 5% 1% 4% 7%
Investing in cryptocurrency 6% 3% 2% 4% 3% 4%
Driving an uber in spare time 5% 3% 4% 2% 3% 4%
Renting out a spare room 2% 1% 2% 2% 1% 1%

Two people accumulate a lot of stuff to sell

That’s right, people who’ve been in a domestic relationship are 22% more likely to say their No. 1 way to earn extra money over the next 12 months is to sell items they no longer.

Free-and-easy singles are most likely of all adults to opt for helping out with odd jobs on sites like TaskRabbit (10%).


For media inquiries:

Jennifer McDermott

Consumer advocate helping people improve their personal finances.

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