A third of 18- to 24-year olds have a second job to help boost their finances, new research has discovered.
Of those with two jobs, one in three people said it was to help them survive financially – especially for students whose finances are notoriously low.
The research from thinkmoney also suggested that 17% of adults in the UK had some form of second job.
This equates to one in every six people and while one third of people said they could not survive financially without additional income from a second job, more than half (51%) took additional employment purely to boost their disposable income levels.
Opting to freelance
Freelancing was the most popular option for people with a second job, accounting for 16.8% of people with two roles.
It was particularly popular amongst men as 19% of men compared to just 15% of women said they freelanced to earn extra income.
Older people were also more likely to freelance with one third of those aged 45-54 years and a quarter of over 55s enjoying some sort of additional freelance work in addition to their main job.
That compares to just one in ten 25-34-year-olds – suggesting that the older generations are keen to use their extensive experience to earn extra money in later life.
Bar work and admin jobs were also popular with 15.9% and 13.8% of people with two jobs working these roles.
Retail and cleaning roles took up 13.5% and 12.6% of second roles while deliveries, waiting in restaurants, and child minding were also popular.
Such options make managing finances easier; especially as a lack of money can place real pressures onto health, family life and relationships. The extra income provides a safety net for those who feel that their main jobs are not providing an adequate level of financial protection.
Managing finances is a vital part of calculating whether a second job might be required to make ends meet – low levels of disposable income may sway the decision towards an additional part-time role.
Essential bills and the cost of living can quickly add up – especially when rent, food and unexpected bills are taken into account.
Using an additional account to manage these essential funds can mean that money is always available to cover these expenses. Alternatively, loading funds onto a prepaid card can ensure that funds can cover the essentials before levels of disposable income are considered.