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.