More than 5m Brits are turning to a second or even third job to beat the cost of living crisis, while another 10m are considering it, according to new data out today from insurer Royal London.
In fact, a separate study commissioned by GoDaddy shows that nearly one in three of firms that have under 10 employees are secondary jobs for the owners, lifting the lid on ways in which people are trying to make ends meet.
The data shows there has been a 49 per cent increase in ‘side-hustles’ in the past two years. It also reveals an increase of business owners who are in separate full-time employment, up from 20.8 per cent before March 2020, and now at 31 per cent.
The GoDaddy poll indicated an increase in new micro-firms being owned by those who were unemployed, up from 5.7 per cent in March 2020 to 7.3 per cent now, and part-time work, up from 7.9 per cent to 11.7.
The GoDaddy study indicated an increase in new micro-firms being owned by those who were unemployed, up from 5.7 per cent in March 2020 to 7.3 per cent now, and part-time work, up from 7.9 per cent to 11.7.
The result of more full and part time workers starting second jobs has been an increasing age profile of micro-business owners, with the number of start-up owners under 35 more-than doubling since March 2020.
There has also been a surge in female entrepreneurs, up from 32 per cent pre-pandemic ti almost 40 per cent.
“The results of the research show that many people are turning to enterprise out of economic necessity and to earn extra cash”, said Ben Law, head of GoDaddy UK.
“The important thing now is that these entrepreneurs are supported and can flourish. After all, microbusinesses are the engine of the British economy. When they thrive, we all do.”