Adults can bring in an extra £10,000 a year – through side-hustles or second jobs
New figures show there are over 20 million Multi-income individuals (Miis) in the UK, representing over a third of the adult population – and who on average can earn an extra £780 a month.
The top three largest concentrations of Miis can be found in London, with over three million earning a secondary income, followed by the South East (13 per cent) and nine per cent in the West Midlands.
However, the report from Utility Warehouse and Cebr found that almost of quarter of Miis (23 per cent) said they don’t talk about additional income with family or friends – incase they assume they are struggling with money.
While those in the South (27 per cent) and in Scotland (25 per cent) can agree that it’s a conversation often left alone.
It also emerged that Brits are hesitant to disclose what they’re doing to earn their secondary income, with 31 per cent Welsh Miis keeping their secondary occupation private,
And the same goes for 22 per cent in Yorkshire.
Powering the UK economy
Despite the stigma often attached to secondary incomes, Miis are helping to power the UK economy and last year spent £55 billion of their extra income on UK businesses – supporting over 364,000 jobs to deliver a £30 billion boost to the nation’s coffers.
But for many, desperate financial measures was the main reason for bringing in another stream of income.
Nearly four in 10 (38 per cent) of those that live in the South East say rising household bills were one of the driving factors for becoming a Mii.
While 27 per cent of Londoners and 21 per cent of those in the North West point to the COVID-19 pandemic as one of the motivations for working a second job.
Co-CEO of Utility Warehouse, Andrew Lindsay, said: “Millions of people in the UK are turning to side-hustles or second jobs to help make ends met in the current cost of living crisis. We think these people – Miis – deserve greater recognition.
“They contribute billions of pounds to the economy through their extra work, but despite this, many think there’s a stigma attached to earning an additional income and don’t want to talk about – even with family or friends.
“We want to challenge these preconceptions so people with multiple incomes can continue to help power growth and opportunity across the UK.”
Bringing in extra income
However, across the UK, the wider cost-of-living crisis influences Miis from all regions to find alternative ways to bring money in.
With London (40 per cent), West Midlands (38 per cent) and the South West (37 per cent) being among the top regions to work a side-hustle or extra role.
And the most popular ways to bring in more money were selling goods online (35 per cent), hobbies or pastime activities (27 per cent) and selling services online, such as referral schemes (18 per cent).
Head of economic advisory, Owen Good, said: “To our knowledge, this is the first and most detailed report of its kind, and provides significant insight into people who earn an extra income.
“Our research demonstrates the breadth and scale of these individuals across the UK, along with the associated economic contribution of this group. Over 20 million people across the UK have a secondary income and this figure is set to grow even further in the coming years.
“This provides a very significant boost for UK businesses, supporting jobs and increasing economic activity as Miis spend their additional income.”
*The report is based on a detailed survey of 10,000 people who earn a second income from a wide range of sources from Airbnb hosts and bartenders to Ebay sellers and film extras, as well as UW Partners.