Two in five key workers forced to take on extra work, report suggests
Two in five key workers say they are forced to take on extra work to stay afloat – what extra jobs are people taking to make ends meet?
- Nearly half say an unexpected £100 outlay would win them over.
- Despite the fact that many take on extra work, a third of key workers have no savings left
- Nearly half are unable to provide sufficient financial support for their families
Two in five key workers are forced to take on extra work to make ends meet, says new research from lender Creditspring.
There is significantly more financial vulnerability among key workers, with nearly half saying an unexpected £100 outlay would put them over the edge, compared to 25 per cent among the general population.
Key workers are almost twice as likely to be ‘afraid’ about their financial future as the general population, according to the survey.
With the current inflation rate, nearly half of key workers say they are unable to provide adequate financial support to their families.
Two in five key workers, including nurses and medical staff, are forced to take on extra work to make ends meet
The inflation measure of the consumer price index stands at 10.1 percent, while the value of real wages fell by 2.4 percent.
The survey involved 1,000 key workers and largely focused on NHS professionals, including doctors, nurses, paramedics and support staff, in addition to teachers and headteachers and social workers.
It also included firefighters, police officers and people in the armed forces, but the vast majority of respondents came from the first three categories.
Many people who work in these sectors went on strike last year because of wage disputes.
The research shows that they take on second jobs, work overtime and depend on loans.
The most common types of second jobs that key workers have taken range from taking Uber or minicab shifts, bar and restaurant work, private tutoring, delivery drivers and working for Amazon, according to Creditspring.
Neil Kadagathur, co-founder of the lender, said: ‘Nobody should have to take on multiple jobs or work huge numbers of extra shifts on top of a full-time job to pay the bills every month.
“Certainly not our country’s most important workers who do the most difficult and challenging work this country has to offer.”
For many of these key workers, falling back on savings is not an option. Instead, they turn to borrowing to make ends meet.
A third of key workers have already run out of savings and now rely on credit to make ends meet, compared to 19 percent of the general population.
It’s not just key workers who have to take on extra jobs.
GoDaddy research found that nearly half of Britons are considering working part-time alongside their usual work by 2023, with more than four in five saying this is due to rising costs.
The most popular options include a pet sitter, jewelry maker, and dog groomer.
Almost three out of five aspiring entrepreneurs say they would not be able to pay their bills without extra income
Three in five Gen-Z and millennials wanted to start their own business by 2023.
More than half of them say that the income could help cover fixed costs, such as rent and energy bills.
Andrew Gradon, Head of GoDaddy UK & Ireland, said: “The cost of living crisis is having a direct impact on the growth of the microbusiness sector, with people turning to sidelines to generate extra income and help them through tough economic conditions. to come. time.
‘The UK will see a large increase in these ‘necessary entrepreneurs’ in 2023.’