As inflation drives up the cost of everyday necessities, many Brits are searching for ways to supplement their incomes. Almost a third of workers (31%) already have a side hustle, while a further 42% are considering taking one up. A second job can take many different forms, but whether reselling clothes, working as a courier or tutoring online, a side hustle requires a person to use their own free time to start and run a business.
Money.co.uk business loans investigated how many Brits have turned to side hustles, and the reasons why. By surveying over 2,000 Brits about side jobs, money.co.uk business loans found out how many workers wish to start a side hustle and the stress levels of those already running one.
Almost a third (31%) of workers already work two jobs, and over four in ten (42%) British workers want to take up a side hustle, compared to just 28% who are not considering the opportunity.
The potential to make more money was overwhelmingly given as respondents’ main motivator for taking on, or considering, a side job. Seven in ten (71%) of those asked gave this as one of their top reasons for starting (or wanting to start) a side hustle. Almost a quarter (24%) of respondents are not satisfied by their main jobs, so have turned to a side hustle to fulfil their passion.
One in five (18%) respondents said that they hope of one day being able to leave their main job in favour of the business they would start. The search for financial stability, and the ability to be one’s own boss, drives UK workers in search of a side job. Eight percent said it started in lockdown and 2% said it was for no particular reason.
The top side hustle was reselling clothes (18%) followed by crafting, food/baking, dog walking/grooming/sitting and food/parcel delivery (all 8%). Tutoring came next at 7%, writing, drop shipping and art/design (all at 6%). Five percent of respondents said their side hustle was Only Fans and another 5% said influencing. Four percent said a podcast. There was also 10% of people who said other, which included buying and selling on eBay, accountancy, beauty, gardening, investing, music, surveys and nail technician, to name a few.
Over half (net 51%) of those with side jobs stated that their side hustle causes them stress, with 13% responding that they face ‘a lot” of stress’. Pressure from the focus of turning their business profitable and the possible dependence on this in order to supplement their main income is likely putting stress on workers with a side hustle.
Cameron Jaques, Business Expert at money.co.uk business loans, said: “The influence of the cost of living crisis on Brits’ attitudes to work is not to be understated. With over seven in ten workers saying they started their side gig as a way to make more money, it’s clear that people are giving up their free time in the hopes of financial stability.”