The financial grip squeezes ever tighter as one third of UK workers need a second income to make ends meet
Commentary | 22/01/19
The squeeze on people’s disposable income is growing ever tighter as the need for financial smoothing devices for many of the UK’s workers grows ever more important.
New research from Gettasub has found that one third of workers (32 per cent) are actively considering taking a second job in order to stay afloat.
In the last month alone, over one third (34 per cent) of workers admitted to having suffered sleepless nights due to financial worries. Whilst just over one in ten (13 per cent) also said they were planning to skip work to avoid travel costs. Additionally, 48 per cent of workers believe the botched Brexit situation will make their financial situation worse.
When asked about how much the workers had overspent during the Christmas break, 29 per cent of respondents said they overspent by between £51-200 and 22 per cent by 201-£400. Additionally, one in ten (13 per cent) said they overspent by between £401 – £1,000. Only one third confirmed that had not overspent during the festive period.
The month of January topped the list as the gloomiest month, with over half (55%) of workers saying it was the month they were the worst off.
The research also found that many people were increasingly turning to credit cards in order to stay afloat. Nearly two in 10 people (19%) said they had to borrow money from friends and family to make ends meet.
Greg Stevens, CCTA CEO comments: “The need to preserve access to responsible credit is greater than ever. Many of the UK’s hard working families are struggling to make ends meet and are looking for fair and accessible credit to smooth the peaks and troughs of their financial lives.
“At the CCTA, we are making it our mission to campaign for access to responsible credit and to ensure that there is a balanced debate with the regulator and consumer groups. We intend to help prevent overly restrictive regulation from cutting off the essential supply of short-term credit for those who need it.”