Jude Harford would prefer not to have a second job, especially because she has young children, but she felt compelled to do so due to rising living expenses.
The Poole mother of two states, “Everything is exorbitantly costly right now.” “We need the additional funds.”
The Royal London study questioned 4,000 persons in the United Kingdom.
Ms. Harford, a part-time nurse, began working for an energy firm in April to increase her income.
She explains, “It was a two-edged sword.” It was to ensure that we had a fair quality of life now, but also to plan for our financial security in the future.
The salary at the energy company is significantly higher than her nursing salary. It also offers flexible hours, allowing her to pick up her 10- and 14-year-old children after school. However, she still wishes she was not had to do it.
She explains, “I felt I had no other option.” If I didn’t have to work a second job, I could spend more time with my children, which is crucial while they’re still little.
According to data by insurer Royal London, Ms. Harford’s situation is not exceptional.
According to the survey, 16% of workers have taken on a second job to assist pay for rising costs of living. Across the United Kingdom, this would correspond to 5,2 million individuals.
If expenses continue to grow, an additional 30% of those surveyed say they will have to.
The estimates provided by Royal London are more than those provided by the Office of National Statistics (ONS), which indicate that around 1.2 million British citizens hold second employment. However, ONS statistics show indicate that this number has increased over the past two years.
The cost of living is rising at a rate not seen in nearly four decades, primarily due to the rising price of food and energy.
The rising cost of living is straining budgets, as price increases outpace salary increases.
As costs continue to rise, the Royal London poll found that one job is insufficient for millions of employees.
However, many UK employees cannot realistically work longer hours. According to the data, 28% of full-time employees now work more than 48 hours each week.
A fifth of these individuals reports working more than 56 hours each week.
Despite working long hours or several jobs, many people struggle to earn sufficient income to pay their debts. According to the poll, nearly a third (31%) of people are already forced to spend money they do not have by borrowing or utilizing their bank overdraft.
“A harsh winter awaits”
Sarah Pennells, a consumer finance specialist at Royal London, remarked, “Many households began cutting back on spending six months ago when costs first began to rise. However, with bills continuing to rise, this winter might be really difficult.”
Others, although working all the hours they can, are unable to keep their heads above water despite making major cuts to their spending.
Prime Minister Liz Truss is attempting to prevent widespread hardship by instituting a two-year cap on energy bill increases for all homes.
A typical household’s yearly energy expenditure will be restricted to £2,500 until 2024, however, bills may vary based on gas and electricity consumption.
Ms. Pennells noted that despite this, many people continue to be concerned about their finances.
“While the government’s plan to freeze energy prices may provide some respite, rising costs across the board are extremely worrisome, with only one in ten adults feeling financially secure,” she said.
Cost increases affect more than simply finances. Sixty-four percent of adults, according to the report, say they are overwhelmed.
However, over three-quarters (72%) of British people have not sought assistance with the cost of living crisis.
Royal London recommends contacting your energy provider if you are having trouble paying your energy bills and Citizens Advice if you cannot agree on a payment plan.
Turn2us, a national anti-poverty organization, recommended individuals who are concerned about money seek assistance as soon as possible.
The charity also suggests contacting specialized debt organizations for assistance with mounting debt.
