Research reveals that what we spend has now overtaken what we earn for the first time in 30 years – and we’re turning to second jobs – side hustles – to make extra cash.
As austerity takes hold, the UK is working even harder to make ends meet and the rate of pay growth for Brits has fallen to the lowest level in six months. We’re having to get inventive to make ends meet.
This new Equifax infographic shows: https://www.equifax.co.uk/resources/money_management/millennials-and-money.html
- Households are spending £900 on average more than they received in income in 2017*
- Four in 10 UK employees now has a second job
- 45% of side hustlers work more than 40 hours a week
- 25% work more than 50 hours in a week
- The average side hustle boosts millennials’ income by 20%
- Collectively, side hustles generated £72 billion for the UK economy last year, or 3.6% of GDP
There’s a wide range of side jobs available for millennials who want to earn some extra cash.
Jobs include:
- Freelance event photography
- Selling clothes on ebay
- Dog walking services
- Influencer marketing & blogging
- Selling and trading virtual goods
- Teaching online courses & private tutoring
Top reasons why people take on extra jobs:
- Extra income and the chance to build a career doing something they love
- Gives the individual confidence and boosts self-esteem
- Potential chance to give up their job one day and do the hustle full time
However, it may not be for everyone:
- You might have to pay extra income tax on what you earn
- You’ll lose a huge chunk of your spare time and you risk burning out/extra stress
- Your employer might not allow you to take on a second job, and if they find out you’re moonlighting, you could lose your main job
What does this mean for your financial life?
- A start-and-stop income means you may not be able to get a mortgage
- You may move more to find cheaper rent, so your credit score might be affected
- It can be harder to pay back debts as your cash flow may be erratic
- Non-traditional banking methods, such as Bitcoin, may affect your credit score
More info can be read here:
https://www.equifax.co.uk/resources/money_management/millennials-and-money.html
* According to the latest data from the Office for National Statistics (ONS)
Highlights:
- Outgoings have now overtaken income for the first time in 30 years – with side hustles being the perfect way to boost income
- Four in ten UK employees have a 2nd job
- Over 33% of millennials won’t change jobs as they think there’s nothing better out there
- 45% of side hustlers consistently work more than 40 hours a week
- 25% work more than 50 hours a week
- The average side hustle boosts millennials income by 20%
- Collectively, side hustles generated £72 billion for the UK economy last year, or 3.6% of GDP
