Will We All Be Heading to Second Jobs?
You’ve said goodbye to your colleagues and are about to begin your journey back home, but not to a relaxing evening - to start your second job. This is the way things could be heading, at least according to a new study from comparethemarket.com.
47% of adults are considering taking on a second job as a direct result of the impact cost of living has had. This can include a number of jobs, from filling in online surveys and selling second hand items, to offering cleaning services and creating unique products. Interestingly enough, women are more likely to look for a second job than men. It could be a coincidence, or it could highlight the gender pay gap in effect.
Almost two thirds of 25-34 year olds are looking for extra income this way to protect against future costs or even to gain enough money to spend on children’s essentials. 19% of adults even started looking in the last month.
It’s not uncommon for second jobs to be considered in times like these. The pandemic saw more than a fifth of adults look to boost their income with second jobs during the lockdown period. The furlough scheme and uncertainty surrounding funds came as a cause for concern for many in how to afford to live.
A quarter of adults with second jobs are using the extra money to pay off existing debts. With the energy price cap going up, this figure could jump up. In a climate of concern about paying energy bills, will this be the future in paying off electricity and gas debt?
On average, those with a second job bring in about £417 a month and end up saving £286. Throughout the course of a year, this will result in £3,432 extra income.
Bristol researchers have found that 4.4 million people are now in serious financial difficulties, compared to 2.8 million last October. A more dire situation than at any point during the pandemic, it’s no wonder that people are worried about how they will be able to afford the constant increases to the cost of living.
Half of adults have recently cut back on how much food they buy as a result of inflated costs. So will the new question be whether to get a second job to pay bills, rather than not eating to pay bills?
If you are struggling to pay your energy bills, you are encouraged to talk to your supplier as soon as possible. They have an obligation to come up with a payment plan in order to settle any debt you’re unable to pay.
How You Can Earn Without a Second Job
Uniform Tax
Uniform tax is if your work requires you to wear a uniform or protective clothing and you have to wash or repair it yourself. If this is the case, you may be due a tax refund from HMRC.
Read our Complete Guide to the Uniform Tax Rebate.
Marriage Tax
Married couples and those in a civil partnership can be entitled to a tax break of £252. It reduces the amount of tax you pay as a household, which could help ease the burden on bills.
What is Marriage Tax Allowance?
Working from Home Tax Relief
If your company has required you to work from home, then you may be eligible to claim back on increased utility costs such as heat or electricity used at that particular time.