15th December 2014
Millions of Britons are looking to take on a second job in a bid to cover the costs of Christmas a report has claimed.
The study from ISA provider Scottish Friendly found that, nearly 10% of Britons, representing a considerable 4.5m people, are hoping to take on extra work.
Somewhat unsurprisingly, the analysis found that the largest percentage of those looking for extra work can be found in London, where nearly 1.2m people will be looking to find a second job over the festive period.
The findings, which formed part of the Disposable Income Index, for Scottish Friendly, also showed that nearly half a million people over the age of 55 will be looking for a second job, while two million people plan to forego Christmas Day in favour of working to earn extra cash.
In total 21.2m people – or 42% – will be hoping to raise additional funds, with around 39% or some 8.3m individuals planning to sell off some personal possessions either at car boot sales or online through auction websites such as eBay.
In addition, and more worryingly, around 3.5m people will either borrow from a bank or from their friends and family, while nearly one million people will approach a payday lender to find the funds they need.
The ways people plan to raise money to cover the seasonal rise in costs:
|Activity||Per cent of people surveyed||UK adults equivalent|
|Sell possessions they own (on eBay, at car boot sales etc.)||39 per cent||8.3 million|
|Work overtime at their regular job||30 per cent||6.3 million|
|Take a second job||21 per cent||4.5 million|
|Work Christmas Day for bonus pay||9 per cent||2 million|
|Borrow money from friends and family||9 per cent||2 million|
|Borrow money from my bank||7 per cent||1.5 million|
|Take a loan from a pay day lender||5 per cent||969,000|
Scottish Friendly savings expert Calum Bennie, commented: “Christmas can be a tough time of year as finances get squeezed. That said, there are still too many people looking to fund the festive period through short term or ‘payday’ loans. Anyone considering this route should think very carefully about whether this is the best course of action. While these loans might give you immediate financial relief, the high interest rates can often financially cripple people.
“In future people should look to long term planning and building savings in reserve for this time of year. Even putting £10 aside each month would help alleviate costs and the burden of having to work during a time that most people would like to spend relaxing with friends and family.”