More and more people are being forced to take on additional jobs, according to a report by Royal London.
Image source, Getty ImagesMillions of workers have been forced to take on additional jobs as living costs soar, new research suggests.
The report by insurer Royal London, seen by the BBC, found that 5.2 million workers have turned to second or multiple jobs to help pay for the increased cost of living, while another 10 million plan to.
Others are working extremely long hours, the research found.
The survey of 4,000 UK adults was carried out at the end of August.
The cost of living is increasing at nearly its fastest rate in 40 years, driven largely by the rising cost of food and energy.
Rising costs are eating into budgets, with price rises outstripping wages.
The survey by Royal London found that one job is not enough for millions of workers, as costs continue to soar.
It found 16% of workers in the UK have taken on an additional job to help pay for the cost of living increases, while a further 30% will need to do so if costs continue to rise.
However, working more hours is not a realistic option for many UK employees. Over a quarter (28%) of full-time employees already work over 48 hours a week, according to the research.
Out of those, a fifth say they are working more than 56 hours every week.
Despite working long hours or multiple jobs, many people are still finding it difficult to bring in enough money to cover bills. Nearly a third (31%) of people are already having to spend money they don’t have, borrowing or using their bank overdraft, the research said.
‘Tough winter ahead’
“We know that many households started reining in their spending six months ago as costs first started to rise, but with bills continuing to climb, it could be an incredibly tough winter ahead,” said Sarah Pennells, consumer finance specialist at Royal London.
“While many have resorted to making significant spending adjustments, others, despite working all the hours they can, just can’t keep their heads above water.”
The government is limiting energy bill rises for all households for two years as Prime Minister Liz Truss tries to prevent widespread hardship.
A typical household energy bill will be capped at £2,500 annually until 2024.
But despite this, many people are still concerned about their finances, Ms Pennells said.
“While the government’s energy price freeze announcement will have brought relief, escalating costs across the board are deeply worrying, with only one in ten adults confident they’ll be able to cope financially,” she said.
Rising costs aren’t just impacting finances. According to the survey, over three fifths (64%) of adults say they’re overwhelmed.
But nearly three quarters (72%) of UK adults haven’t approached anyone for help with the cost of living crisis.
Royal London suggested contacting your energy provider if you’re finding it hard to pay your energy bills, and contacting Citizens Advice if you can’t agree a plan.
National poverty charity Turn2us urged people who are worried about money to seek advice as soon as possible.
The charity also recommends speaking to a specialist debt organisations to get help with rising debt.