Almost half of UK adults are looking for a side hustle to cope with the cost of living crisis, study finds

Tanyel Mustafa

Published August 31, 2022 3:00pm Updated August 31, 2022 3:01pm

Have you got a second source of income? (Picture: Getty)

New research shows 47% of UK adults are considering taking on a second job on top of their current form of employment.

Nearly half are feeling the cost of living crisis so strongly, they’re seeking additional sources of income, according to comparethemarket.com.

The trend is particularly prominent among young adults aged between 25 to 34 – with more than two-thirds saying they are considering a side hustle of some form.

Popular ways to make extra cash include being paid to take online surveys, selling items on second hand sites, or making handmade goods.

Others include cleaning services, tutoring, and hospitality work.

The prevalence of side jobs has been rising since the pandemic due to the economic uncertainty the population was plunged into.

More than a fifth looked to boost their income when lockdowns and restrictions were implemented – and with that, redundancies and pay freezes.

The cost-of-living crisis has increased this trend drastically.

Now, almost two-thirds of adults have started looking for extra sources of income within the last year. In fact, 19% started within the last month alone.

Survey responders who started a side job in the last six months said they did this for financial protection against future bill rises and needing more money to provide for children.

Only 12% said they were doing it to turn a hobby into a source of money.

On average, individuals are making £417 per month from their side job and the average amount saved is £286 per month – which tots up to £3,432 per year.

Overall, spending is on bills, petrol, food and everyday household items, while a quarter of people are using extra cash to pay off debts.

Women are considering getting a side job more than men – likely due to the pay gap that still exists between the sexes.