The number of workers with second jobs is at an all-time peak

As workers are feeling the pinch from rising prices and job uncertainty, they are taking on more jobs than ever before.

According to the Work Foundation of Lancaster University, 1 in 6 employees struggle to pay their bills and 43% leave little or nothing for savings or holiday at the end each month.

Just under half (48%) of workers believe that wage increases keep pace with cost of living and 43% anticipate a wage increase above inflation over the next twelve months.

The Work Foundation analyzed data from the Office for National Statistics and found that 1,35 million people now hold a second job. The number of second jobs has increased by 10% in the last year and is now at its highest level since records began in 1992.

Researchers found that older workers and low-paid workers are most concerned about their income, and they feel less supported by their employers. Nearly half (48%) of them worry about being laid off.

42 percent of workers who earn less than PS25,000 say their wages keep up with the cost-of-living, while almost three quarters (73%) do so for those earning more than PS60,000.

The Work Foundation stated that although the UK has experienced the highest sustained wage growth in over 20 years, many people still find it difficult to cover their basic living expenses.

Only 24% of workers aged 55-64 expect to earn more than inflation this year.

While a third (33%) of workers worry about being laid off in the next year, that number rose to 48 % amongst younger workers (16-24).

Ben Harrison, Director of the Work Foundation said: “Raising Living Standards is not only about numbers on a sheet, but about workers feeling financially secure. Our analysis shows that four years after the beginning of the most severe cost of living crisis of a generation, workers are still feeling the effects of almost 20 years of stagnant pay packets.

Second jobs are often described as “side hustles” or optional extras, but the economic necessity of the job is a major motivator.

He said that the trend showed many workers not earning enough to cover their basic needs in their primary roles, and urged employers and government “to step in and support workers”.

He said: “Prices are not rising as rapidly, but the results of this survey show that many workers still struggle to pay for day-to-day costs and worry about their financial future.

The government is prioritising increases in the National Living Wage. It has also set an ambitious agenda for strengthening workers’ rights, and making work pay.

But with reforms that would boost the access to more secure and better-paid work still many years away from implementation, it is possible that those who are struggling today will be left behind.

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