- 62 per cent of British office workers have no secondary income stream to protect them from increasing costs, new survey data shows.
- Side hustles and other income sources are far more popular elsewhere, with only 43 per cent of New Zealand workers and 33 per cent of Malaysian workers having no supplementary income.
- Older British workers are the least likely to have a supplementary income, while millennials and Gen Z are the most likely to – whether it be a crypto, investment or a second job.
- Additional income streams increase quality of life for British Workers
Costs are rising, but two thirds of British office workers have no supplementary income stream, data from Employment Hero’s 2022 Remote Working Report shows.
The survey of over 2,000 UK-based knowledge workers found that 62 per cent had no extra income stream other than their main job. 18 per cent receive income from stocks or crypto investments, 17 per cent had a second job or their own business venture, while 12 per cent had a property investment providing income.
Office workers in other countries in the same survey were far more likely to have another source of income.
In Malaysia, just 33 per cent of office workers said they didn’t have secondary source of income, compared to 43 per cent in New Zealand, 44 per cent in Singapore, and 49 per cent in Australia.
In the UK those who are the most likely to have another income stream are young, with 49 per cent of 25-34 year olds saying they had no other income stream. This age group is the most likely to have income coming from a crypto or stock investment (27 per cent), with 27 per cent receiving income from a second job or side business and 18 per cent receiving income from property investment.
Gen Z (18-24 year olds) are the most likely to have a fully-fledged second job or personal business venture, with 30 per cent saying they had one, compared to just 5 per cent of those aged over 55.
In general, employers or senior executives are the most likely to have other income streams.
British workers who had other income streams agreed that it increased their quality of life (72 per cent) and almost all of them (85 per cent) said they focused on their other income streams exclusively outside of work hours. This was somewhat higher than the other countries surveyed, where a quarter (26 per cent) agreed their side hustle happened in between other tasks during their normal work day.
Charlotte Boffey, head of UK services at Employment Hero, commented
“This survey shows that despite rising costs, most British office workers are still sticking to just one income stream. Other countries in our survey – including high income countries like Australia – saw far more knowledge workers opting to get some other form of income.”
“However there are signs this won’t be the case forever, as younger workers increasingly see a role for other income streams. Employers shouldn’t be afraid of this distracting them, as the overwhelming majority say this other income is managed entirely outside of normal working hours.”
“Employers who want to attract and retain these younger workers – who clearly have a lot of ambition – should avoid onerous contract terms that stop their employees getting extra income, as long it can happen outside of work hours.”
Read the Remote Working Report in full here.
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.