New research shows that 47% of UK adults are thinking about taking on a second job.
The survey evidence from Comparethemarket.com suggests that people are looking for an additional source of income to help them cope with the rising cost of living.
The trend is strongest among young adults, with more than two-thirds of those aged between 25 and 34 saying they were considering a ‘side hustle’.
Miles Grady, Director of CloudAccountant.co.uk, said:
“Whether you call it a side hustle, moonlighting or a second job – there are many ways to earn extra money on the side of your work.
For many people, this is an extension of their current job – picking up well-paid freelance work in the evenings and weekends. For others it could be something completely different, like cleaning, tutoring or even making goods to sell online.”
According to the survey, almost two-thirds of adults started looking for an extra source of income in the last 12 months, with 19% saying they started in the last month alone.
Respondents that started a side job in the last six months overwhelmingly reported that they were looking for financial protection against future bill rises and needed more money to provide for their children.
Just 12% said they were looking to turn a hobby into a source of money.
The average respondent said they made £417 per month from their side jobs, with many spending it on everyday expenses like bills, petrol, food, and household products.
As the financial crisis worsens in the UK, it’s predicted more people will follow the trend and feel obligated to get a second job to make ends meet.
Miles Grady continued:
“If your main motivation for having a side project is to earn extra money, you need to make sure you’re paying close attention to your business financials. Getting accountancy software and additional support from an accountant is the best way to focus on what matters.”
For more information about accountancy software and support, get in touch with a member of the CloudAccountant.co.uk team here or call: 0808 281 0303.