Categories: Better Business| Economics / Markets
Topics: Economics| George Osborne
Almost 100,000 people have had to take second jobs in the past year to make ends meet, research suggests.
The numbers recorded as having second jobs rose to 1.1 million for the first quarter of this year - up 9%, or 94,000, in 12 months, according to a study by The Independent. It is the highest total since 2002.
Much of the rise has come since the turn of the year as tax rises, inflation and minimal pay settlements have hit household budgets.
Since the start of 2011, the numbers taking on extra work has risen by 53,000. The hours worked in second jobs are also up, to an average of just under 10 a week.
Although the second jobs trend predates the recession, there has been a sharp spike in the past year, which seems closely correlated to the rise in inflation and pressure on living standards that began in 2007/8.
Howard Archer, chief economist at IHS Global Insight, told The Independent: "The most likely cause behind this rise in second jobs is that there are many people struggling to get by given the squeeze on their finances coming from falls in real-term incomes resulting from muted pay and high inflation.
"It is also likely that several companies are happy to take on people working relatively short hours to help meet their business needs, rather than having to take someone on full-time or even in a major part-time job.
"Typically, people with second jobs work just under ten hours, which is less than many part-time workers do."
| Share | |
| Comment | Economic hardship forcing thousands into second jobs |
More better business news
Email alerts
Recommended reading
Categories
Topics
Comments
Related articles
Most Read
This year we have 14 awards designed to mark out the very best products in a highly competitive and innovative market. This includes three new awards for 2011 to reflect the developments in this rapidly growing market: Best Dual/Multi-Index Product, Best Structured (Oeic) Fund and Best Structured Product Provider.
Events
Poll
|
|
Job search
Ifaonlinejobs will open the right investment career path for you. Search hundreds of vacancies on www.ifaonlinejobs.co.uk now
In Focus
Viewpoints
About 2.66 million people are looking to increase the amount of money...
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment