ONE in four Brits have taken to boosting their earnings with a secondary income stream – bringing in an extra £530 each month.
Research of 2,000 employed adults found that 58% of those working more than one job are motivated by making ends meet, and 38% want to increase their disposable income.
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Nearly half (43%) simply want to feel more confident about money, while 16% like the idea of being more productive in their spare time.
However, 37% have turned to an additional income as a direct response to rising bills, and 23% want money in the bank as a back-up plan.
Paying for Christmas is also a concern for 25% of adults.
And for one in 10 adults earning extra, having a side income which is different to their main income is simply a way to pursue a particular passion.
Andrew Lindsay, CEO of Utility Warehouse, which commissioned the research, said: “While having a secondary income is increasingly common, an astonishing two thirds of people think it is either the norm, or soon will be.
“We’ve seen the rise of the second income first-hand with growing interest in our UW Partner opportunity, as more and more post-pandemic Brits are seeking work that can fit into the nooks and crannies of their lives, outside of the 9-to-5 and that can be done from anywhere.”
It emerged that the most popular secondary incomes are selling items online (19%), closely followed by baking or catering (17%).
But 16% have offered services to others such as dog walking or cleaning and one in six have taken up home improvements such as handy work or gardening.
Other avenues popular among those who have found alternative incomes include wedding planning, referring products and services to friends and family, and becoming a social media influencer.
The study also found the average person with a side job spends around 10 hours a week making it work.
Of those who have ever had a secondary income, the study shows doing something you enjoy is the biggest tip to make it a success (34%).
Others recommend dedicating a set amount of time to the job (27%), focusing on tasks which are most likely to generate income (24%) and using word of mouth for marketing (22%).
Brits are also setting long term goals (20%) and building a strong social media presence (18%).
As many as 35% of adults have considered turning their side income into a part time role but would need as much as £2,738 a month to give up the day job – the equivalent of £32,856 a year.
However, of those polled via OnePoll, 72% admit they wouldn’t have a clue about how best to start up a new company of their own.
Andrew Lindsay added: “With the cost of living set to continue rising, it’s no wonder we’re seeing more people looking at alternative ways to earn.
“Whether it’s additional income on top of a main job or taking a more flexible approach to earning, resourceful Brits are reinventing the single, traditional job model to make working life work better for them.
“And the right kind of flexible working can really pay off. In 2020, UW Partners earned over £25 million by helping their friends and family save on their household bills, working in their own time and on their own terms.”
TOP REASONS WORKING ADULTS WANT A SIDE JOB
- To help with finances
- To increase disposable income
- To feel more comfortable about money
- To keep up with rising energy bills, inflation and National Insurance rates
- To help pay for Christmas
- For a back-up plan
- To go on nicer holidays
- To spend more money on themselves
- To cover all their monthly expenses
- To do something they enjoy
- To be productive in their spare time
- Because they feel insecure in my full-time job
- To be their own boss
- To make the most of their skills
- To work more flexibly, outside of the 9-to-5
Woman who lost her job and moved in with her parents now runs a beauty business which doubled her old monthly salary in one day
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