A shocking 34% of people living in Northern Ireland are in debt having taken out a personal loan – the highest in the UK.
And 24% are in debt with an overdraft, again, the highest in the UK.
OddsMonkey has recently carried out a survey that reveals side hustles are becoming more popular as 1 in 3 British people struggle to make ends meet.
Statistics show that 28% of people in Northern Ireland struggle to buy food and drink, which is the highest in the UK. And 36% of people don’t earn enough from their main job to cover essentials.
The survey also provided an insight into how much people earned from a side hustle in parts of the UK. Londoners were the top earners, with an average income of £285 per month, while those in the South West only brought in £163 each month.
Cash isn’t the only motivation, however, as 19% said they were doing it because they enjoyed it as a hobby, while 17% were using the opportunity to build up a skill or gain more experience.
Many people also find satisfaction in their side hustle, with more than one in three (36%) preferring it to their day job. A total of 43% said they’d be interested in turning their side hustle into a full-time job or second job.
There are a wide range of side hustles that people dabble in to earn extra cash, ranging from baking to renting out a driveway.
The most lucrative method of making a secondary income was photography, which made an average of £389 per month. Not far behind was blogging, which netted an extra £333. This means that, on average, part-time photographers and bloggers can earn over £4,000 per year from their side hustle.
Peter Watton, spokesperson for OddsMonkey, said due to the financial pressures of today, it’s unsurprising that many British people are taking on a side hustle to make ends meet.
“While it’s nice to see some people doing it as a passion project or for personal development, the overwhelming majority are pursuing a second income purely to earn more money, which is a sign of the times.
“Analysing the findings of the survey further, it appears that high living costs are driving many to find extra cash, with expenses like bills, mortgage and rent, and food and drink adding up each month. Many Brits are turning to credit cards, loans, overdrafts, and even their loved ones to be able to afford the things they need in life,” he said.
And he said side hustles look set to become more popular.
“I expect having a side hustle to become much more commonplace in the future, and they might even become the norm for the majority of people in the UK. As a specialist in one of the more popular types of side hustle — matched betting — we’ve certainly noticed more people looking to access a second income over the past year or so,” he added.
Full story here – https://www.oddsmonkey.com/blog/news-events/press-release/1-in-3-brits-struggle-to-make-ends-meet-is-this-why-side-hustles-are-becoming-so-popular/