Are we becoming a nation of second income earners? A recent UK study by Herbalife has revealed some interesting statistics about our approach to working. It illustrates that the numbers of people working a second job are currently soaring in the UK – allowing us to boost our incomes, seek out additional opportunities we might not experience in our day job and financially benefit our lifestyles.
For some, the end of a long day or a week at work means a chance to put their feet up and relax. But for nearly half of the workers Herbalife spoke to, evenings and weekends are opportunities to make some much-needed extra cash. The desire for additional income is seen amongst both professional and blue collar workers. For example, a recent study found that second income seekers are currently their fastest growing group of professional freelancers, having doubled over the past 12 months.
With such a healthy appetite for extra work, it might be assumed that the British feel resentful for pulling such long hours. In fact, the opposite is true. Three out of four people with an additional source of income told us they would recommend taking up extra work to their friends and family. In fact, many people are using this additional income to pay for education, tackle debts, save for holidays, and in the majority of cases, simply to make ends meet.
Looking across Europe, the UK has one of the highest proportions of extra income earners looking to become self employed. Does this reveal a growing appetite for entrepreneurship?
The global recession has contributed to current levels of unemployment in Europe. However, many of the long term trends were identified before the economic downturn. In some countries, levels of youth unemployment remained stubbornly high during years of economic growth, only to rise again during the recession.
Naturally, the rise is a direct correlation of the economic climate – the study illustrates that as labour markets contract, self employment rises. Indicating that we are becoming much more self sufficient in our approach to work and want extra opportunities that provide not only an additional source of income, but also allow us to grow professionally and provide a more flexible approach to working.
Here are some of the key statistics that Herbalife’s study revealed:
- Brits are highly likely to take on a second job to supplement their income – 46 per cent of those surveyed are doing so already
- 85 per cent more females than males are working extra hours
- 50 per cent of Europeans are now working a second job
- Age range – interesting finding was that 47 per cent of people over 50 have a dual income, compared to only 38 per cent of young people.
- 69 per cent of Brits feel there is not enough second income opportunities available to them