Money

Millions Have Turned to Getting a Second Job in Cost of Living Crisis


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New research from Royal London has shown that millions of UK workers have either had to take a second job to cover the Cost of Living Crisis, or dramatically increase their working hours in the past year. current job due to worries about rising bill prices.

Second job and many hours

According to the study, more than five million workers have taken part-time jobs to tackle their jobs, and another ten million are taking steps toward or planning this seemingly drastic approach.

Royal London has found that millions of UK employees are working very long hours, with more than a quarter of full-time staying working more than 48 hours a week, which is the maximum recommended time: some said they worked 56 hours per week, which equates to more than 11 hours per day in a five-day workweek.

Research also shows that only 10% of UK adults are confident they will be able to cope with current rising costs and are currently not earning enough; Two-fifths of the longest working hours are saying that they are struggling to meet their basic outbound expenses.

Four out of five people in the UK said they were prepared for the financial crisis, prepared, but still a third had to borrow or use an overdraft before payday. The main problem is that many people’s money goes out beyond their income, even though they have taken measures to reduce spending. As a result, millions of people are being forced to take out loans or other borrowing services all of a sudden.

SAVE

Almost a quarter of UK workers say they have a plan to use their savings, but a fifth say they can only finance a small unplanned expense from your savings. This is affecting people’s mental health, which in turn can affect their physical health and well-being, as well as (most men’s) inability to accept or discuss sexual relationships. their financial situation and (most women) feelings of hopelessness and anxiety.

In fact, almost three-quarters of UK adults have not approached anyone for help or advice about the Cost of Living crisis.

If you are finding it difficult to pay your energy bills, we recommend that you contact your energy provider first – most are friendly and eager to find out how much you have. can pay them from their current income. Otherwise, Citizens Advice is available to help.

Sarah Pennells, consumer finance specialist at Royal London, said, “We know that many households have begun to rein in their spending six months before costs first start to rise, but with bills continuing to rise, it could be an extreme winter. difficult period ahead. While many have had to make significant spending adjustments, others, despite working all the hours possible, are unable to keep their heads above water.

“While the Government’s announcement of an energy price freeze will help reduce costs, the widespread cost escalation is extremely worrying, with only 1 in 10 adults confident they will have financially manageable. Not only does it affect people financially, the increased costs also have an adverse effect on mental health, with more than three in five saying they are under emotional stress.”

Sara Willcocks, Head of External Relations at the national anti-poverty charity Turn2us, says, “If you are worried about money, we recommend seeking advice as soon as possible. You can do an actual financial health check, which means check the benefits you are entitled to through Turn2us . benefit calculator or, if you have debt concerns, talk to a debt agency. You can also find out if you qualify for any subsidies towards these costs for energy, furniture and other household essentials through Find our sponsorshipas well as find out where you might be able to reduce your spending. “

MoneyMagpie has hundreds (not thousands) of ideas for a second income here.





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