New survey reveals that 1 in 4 Brits are thinking about taking a second job as financial pressures continue to bite

A new survey carried out by LCP looking at the financial habits in the UK has revealed a surprising trend: a significant number of employees are actively thinking about second jobs as the cost of living continues to rise. Among the 10,000 employees surveyed, 26% of individuals said they are thinking about seeking additional employment.

Over half (52%) of the respondents said they are considering making changes to their personal or professional lives to earn more money. Additionally, 30% stated that these changes are motivated by a desire to improve their work/life balance.

Across some of the UK’s highest-paying industries, a high number of employees are considering additional employment, including financial services (27%), legal services (30%), retail estate (32%), and technology, media & communication (34%).

Other key findings include:

• 45% of those earning over £100,001 are contemplating second jobs, along with 38% of those earning £80,001-£90,000 and 25% of those earning £20,001-£30,000.
• Younger people are the most likely to consider second jobs, with 38% of those aged 16 to 24 compared to 20% of those aged 45 to 54.
• Among ethnic groups, Asians (36%), Black individuals (48%), and people of mixed race (39%) show the highest interest in secondary employment.
• Joint income earners (24%) and primary income earners (24%) are equally likely to consider taking on additional employment.
• Renters are considering extra jobs, with 28% of those renting from local authorities, 34% from private landlords, and 26% from housing associations considering secondary employment, as opposed to homeowners or those with mortgages.

Commenting on the report, Heidi Allan, Head of Financial Wellbeing at LCP, said: “We know that the cost-of-living crisis has been impacting people for the last couple of years, but these figures show that a significant number of people are considering taking a second job to ease their financial burden. It’s also interesting to see that people from industries that are usually in the higher salary brackets, such as financial and legal services, are considering this. More employees are finding it difficult to make ends meet between pay checks even though they are taking steps to cut back on everyday needs and employee benefits.

As money gets tighter, companies have a critical role to play in ensuring their workers’ pay and benefits package is attractive and in line with inflation to retain talent, as well as supporting their employees to manage their money better by providing access to financial education.”