Research from Careerminds UK across 1,000 UK adults in full-time employment found nearly half of UK workers (46.8 per cent) run out of money before payday, and 30.4 per cent do extra paid work to cover living costs.
At the same time nearly 1 in 3 full-time workers (30.4 per cent) have a second job or side hustle: 7.3 per cent hold a second regular job and 23.1 per cent do freelance, gig or side work. Half of IT workers (50.4 per cent) do extra paid work, the most of any industry, despite earning the highest average salary (£60,600). To stretch their pay, 35.2 per cent have cut back on heating, 26.1 per cent have used savings and 21.1 per cent have worked extra shifts.
“Some jobs naturally lend themselves to freelance work,” says Amanda Augustine, certified professional career coach (CPCC) and resident careers expert for Careerminds UK. “If you’re a developer, for example, you might be able to take on a project in the evening or over the weekend. But if you work in healthcare, education or another role that requires you to be physically present, finding those extra opportunities may be much harder.
“That’s an important distinction. The people who need additional income the most aren’t necessarily the ones who have the flexibility, time or energy to take on more work.”
The research also found a bigger salary doesn’t buy a longer month. Nearly half of full-time workers (46.8 per cent) run out of money before payday, 7.9 days early on average. IT and telecoms is the best-paid industry in the survey, with an average salary of £60,600, well above the UK full-time average of £39,039. Yet IT workers who run out do so 7.3 days before payday, level with admin and support workers (7.4 days), who earn an average of £36,300. Earning above the national average doesn’t stop the money running out either: 46.9 per cent of workers on £40,000 or more live pay cheque to pay cheque, against 66.8 per cent of those earning less, and 37.0 per cent run out before payday. What mainly changes is how many workers run short: 74.0 per cent of admin and support workers live pay cheque to pay cheque, against 37.2 per cent in IT and telecoms.
Augustine adds: “If you need a second job to make ends meet, the extra income is obviously going to be your first priority. But where you have a choice, it’s worth considering opportunities that could also help you progress in your career. A side job that allows you to develop new skills, build your network or gain experience in an area you’re interested in could eventually open the door to a better-paid position.
“For employers, these findings should also be a reminder to look at whether employees have opportunities to increase their earnings and grow within the organisation. When people can’t see a path forward with their current employer, they may start looking elsewhere for more than just a second income,” she says.
