20 Jun 2019

Professionals being pushed to start side-hustles to earn more money

More and more professionals have a business on the side to supplement their income, a study has found.

Of 1,200 UK professions surveyed by CV-Library, almost one in five admitting to having a side-hustle and 60% of them said they do it purely to earn more money.

However, more than two-thirds (68%) of Brits said they would consider giving up their side hustle if their employer paid them more.

The top reasons for starting up a side business are:

• To earn more money 
• Just for fun 
• To improve a hobby 
• For added job security 
• To start a new career

The findings show that many professionals are having to work very long hours to manage their day job and their business. Almost one in three polled (30%) said they work more than ten hours a week on their side hustle.

"It's concerning that nearly a third of Brits are working an extra ten hours or more a week in their side hustle, as they could be putting themselves in serious danger of burnout. It's tough enough at times to get through a full working week, let alone while working two jobs," said Lee Biggins, founder and ceo of CV-Library.

Mr Biggins says that the findings show that many professionals are feeling forced to find a second source of income and he is urging employers to ensure that they offer market rate salaries.

"Our findings show that while almost one in five Brits have a side hustle, not very many seem to have one out of their own choice. Rather than taking up a side hustle because of personal interests or for fun, people are being forced to find other ways to top up their monthly income.”

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