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Nearly one in ten Britons (4.5 million people) are hoping to find a second job in order to help cover the cost of Christmas, according to new research out today. The largest percentage of those looking for extra work can be found in London, where nearly 1.2 million people will be looking to find a second job over the festive period.
The findings, which formed part of the Disposable Income Index, for ISA provider Scottish Friendly, also showed that nearly half a million people (442,000) 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 21.2 million people (42 per cent) will be hoping to raise additional funds to help pay for Christmas, with around 39 per cent of people, around 8.3 million, planning to sell off some personal possessions either at car boot sales or online through websites such as eBay.
In addition, 3.5 million people will either borrow from a bank or from their friends and family to fund the festive season, while more worryingly, nearly one million people will approach a pay day lender to find the funds they need.
Top ways in which people plan to raise money to help 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|
Calum Bennie, savings expert at Scottish Friendly, commented:
"Christmas can be a tough time of year as finances get squeezed. Finding that little bit of extra money is never easy, but on the positive side it’s encouraging that people are more willing to work for the extra cash or sell possessions rather than to go into debt.
"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."
Scottish Friendly is not responsible for the accuracy of the information displayed on externally linked third party websites. The Scottish Friendly Group of Companies consists of the following companies: Scottish Friendly Assurance Society Limited – Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of AFM, Member of ABI: Life, Savings and Investments. Scottish Friendly Asset Managers Limited – Authorised and regulated by the Financial Conduct Authority. Member of The Investment Association. Registered in Scotland No 187215: OEIC Managers, ISA Managers. Scottish Friendly Insurance Services Limited – Authorised and regulated by the Financial Conduct Authority. Registered in Scotland No 113007. SFIS (Nominees) Limited - Registered in Scotland No 397351. Head office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.