More than four in 10 (42%) Londoners are leaving their current jobs and sectors for fear there are declining job opportunities in their current line of work.
Londoners are seeking job opportunities that are more stable and will not be impacted by the coronavirus pandemic, with nearly half (49%) of those polled moving sector for this reason, according to new research by foundation Nesta.
Nearly six in 10 (58%) acknowledged a career change would be like starting at the bottom, and half (50%) said their income would likely be impacted as a result.
Tris Dyson, managing director of Nesta Challenges, said: “As we continue to feel the economic impact of the pandemic, people up and down the country are facing severe threats to their job security and household finances, and it’s clear some are suffering more than others.
“There are a range of ideas out there that could make a real difference to those whose jobs and money have been impacted by the current crisis but organisations need to move at pace to get these tools into people’s hands in their moment of need.”
Concerns about Christmas
A third (33%) of Londoners said their finances worsened during the most recent lockdown. More than a quarter (26%) said they are living on the breadline, a fifth (20%) said they have borrowed to get by, and more than a third (34%) said money worries had impacted their mental health.
With Christmas around the corner, almost three in 10 (29%) said the holidays were putting an even greater strain on their finances, with just under a quarter (23%) saying they would not even pay their bills, let alone pay for Christmas.
Londoners are set to take out 133 per cent more payday loans to cover Christmas this year, as households struggle to cover the costs of the holidays.
The findings come as nearly a quarter of London households indicated that they plan to cut back their spending during the Christmas period, while 40 per cent will feel financial pressure, more than any other region in the UK.