Half of all Brits need extra money to get by so millions are scrambling to find additional sources of income
As the cost of living crisis continues, over 30m Brits have been forced to seek an additional source of income due to the pinch on their finances.
Shockingly, this is a staggering 65 increase in just four months, since February this year, according to new research shared with City PM this morning.
Younger people are most keen to secure new income streams with 85 per cent of 16–24-year-olds having secured or seeking additional avenues of earning, closely followed by 81 per cent of 25–34-year-olds, the research by Avon found. In addition,
The top things people are using these additional sources of income to fund include essentials such as paying bills (a third) and supporting with paying rent or mortgages (just over a fifth).
However, interestingly, over a quarter of Brits (28 per cent) are also using these funds to still afford luxuries such as going on holiday (20 per cent), treating their children (22 per cent) and buying beauty products (12 per cent).
Despite this, some non-essential items have taken a hit, with nearly a quarter (21 per cent) of Brits have said goodbye to premium products, in favour of better value alternatives.
“Whilst people are continuing to feel the pinch, entrepreneurial Brits are finding ways to make up the financial shortfall, not least to help them afford essential items, but also enable them to continue funding life’s little luxuries,” said Tracey Powers, Head of Sales for Avon UK.
She told City PM this morning that “the aftermath of the pandemic, where flexible working really took off, and current cost of living crisis have made many rethink their working lives and reassess what matters to them.”