Following last month’s report from CV-Library, the UK’s leading independent job board, that over half of the UK’s professionals (55.1 per cent) struggle to make ends meet at the end of each month, brand new research reveals that side hustles are providing a much-needed extra cash flow. In fact, 59.9 per cent of Brits who work on the side claim that they started their side hustle to earn more money.
The study surveyed 1,200 professionals and found that additional financial income is the main driving force behind having a side hustle. In fact, over two thirds (67.7 per cent) of Brits said they would consider giving up their side hustle if their employer paid them more. The other reasons why Brits started their side hustle include:
- To earn more money (59.9 per cent)
- Just for fun (14.1per cent)
- To improve a hobby (10.4per cent)
- For added job security (9.4per cent)
- To start a new career (6.3per cent)
Interestingly, the study also found that a third (33.2 per cent) of Brits plan to eventually make their side hustle a full-time role, rising to 34.8 per cent amongst women.
Lee Biggins, founder and CEO of CV-Library, comments on the findings:
Our findings show that while almost one in five Brits have a side hustle, not very many seem to have one out of their own choice. Rather than taking up a side hustle because of personal interests or for fun, people are being forced to find other ways to top up their monthly income.
What’s worrying about so many Brits struggling for cash is that while Britain is almost at full employment, the quality of jobs on offer is dropping. Rather than trying to scrimp and save on salaries, ensure that your offerings are in line with the market rate. You’ll find employees are more loyal and willing to dedicate themselves to the job at hand.
What’s more, despite over a quarter of employers (28 per cent) having a policy on working on the side, plenty of the UK’s professionals are putting in extra hours every week for their side hustle. In fact, a third (30.4 per cent) of Brits work an extra 10 hours per week on their side hustle.
Biggins concludes:
It’s concerning that nearly a third of Brits are working an extra 10 hours or more a week in their side hustle, as they could be putting themselves in serious danger of burnout. It’s tough enough at times to get through a full working week, let alone while working two jobs.
Policies on working on the side are in place for a reason. Working so many extra hours is bound to distract anyone from their main job. As an employer, you need to make sure that your employees don’t feel like they have to pick up a side hustle. Put regular meetings in place to review their salary and give them the chance to voice any concerns before escalating the matter.
Aphrodite is a creative writer and editor specialising in publishing and communications. She is passionate about undertaking projects in diverse sectors. She has written and edited copy for media as varied as social enterprise, art, fashion and education. She is at her most happy owning a project from its very conception, focusing on the client and project research in the first instance, and working closely with CEOs and Directors throughout the consultation process. Much of her work has focused on rebranding; messaging and tone of voice is one of her expertise, as is a distinctively unique writing style in my most of her creative projects. Her work is always driven by the versatility of language to galvanise image and to change perception, as it is by inspiring and being inspired by the wondrous diversity of people with whom paths she crosses cross!
Aphrodite has had a variety of high profile industry clients as a freelancer, and previously worked for a number of years as an Editor and Journalist for Prospects.ac.uk.
Aphrodite is also a professional painter.
Side hustle – what about second income stream as a more realistic description? Many people feel that having a second income stream is vital at a time that there is such low job security. Putting all eggs in one basket leaves individuals disempowered. I have a full time job and a second income stream that I am building. I may add a third – to future proof my family against Brexit or any other politico-economic catastrophy. It is called forward planning.
Loved Hustler at Home’s comment, especially as Biggins assumptions don’t help the article.
As someone who developed a second income that took over from my primary income, it was not a need for money that drove me. It was a desire for more as the only way that I could see security was by having enough money to look after me if the job went.
As for “burnout”, it would be interesting to see some research about how a second income stream can improve employees, by reducing their reliance on one source of income.
The major employers would not want to fund that of course, as this might just encourage more of us to live an independent life – as opposed to one beholden to an employer.