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Millions of young people juggle multiple jobs to boost income
Nearly three million millennials juggle two or more jobs to boost their income and improve their career prospects, research shows.
One in five workers aged 18-34 – equating to 2.8 million people – clock up an extra 10 hours a week, earning an extra £387 a month as a result, or £4,500 a year.
According to the research from financial services provider OneFamily, 23% of those juggling jobs are doing it to boost their salary, with 17% saying it helps pay the bills on a day-to-day basis.
One in 10 use the extra money to save for a specific financial goal such as a first home.
A third of job-jugglers use the extra work to help build experience and get ahead in a new career, with a quarter saying it helped build up a network of contacts in their new field. For 27%, they intend to make their side project a full-time career at some point.
But for 17%, their side business is seen as a ‘passion project’ rather than a long-term career goal.
The majority of job-jugglers (69%) take advantage of other ways to make money in addition to their extra work. Some sell personal items through websites, such as eBay (74%) or through online marketplaces on social media sites such as Facebook (56%). Others use the ‘sharing economy’ by renting out rooms on sites such as Airbnb (24%).
Nici Audhlam-Gardiner, managing director of Lifetime ISAs at OneFamily, said: “It’s amazing that so many young people are working hard to pursue their passions, achieve their goals and improve their finances.
“This extra work often comes with a bank balance boost – an average of £4,500 extra every year – and many young workers seem to be using this to build up their savings pot. For those using their extra earnings toward a long-term goal such as their first home or retirement, they may want to consider a Lifetime ISA which can earn them an additional £1,000 a year through government bonuses.”
See YourMoney.com’s Lifetime ISA guide for more information.