The cost of living forces people to look for additional sources of income
Workers are looking for new jobs, asking for extra shifts or jostling to make ends meet as day-to-day expenses take up more of their paycheck. A new study from Qualtrics claims that 77% of workers say it’s harder to pay living expenses than a year ago. In the UK, inflation recently topped 10% for the second time this year amid soaring food prices. Compounding the impact of the cost of living, many work-related expenses that were relieved by remote working, such as travel expenses and full-time childcare, are returning as a growing number people return to the office.
Rising costs are changing the employment landscape, and workers are taking steps to improve their financial situation by reducing expenses, increasing income, or both. Almost one in four (23%) working adults have reduced their expenses by moving to an area with a lower cost of living, or are considering doing so.
In an effort to increase their take home pay, 77% of employees see the possibility of working overtime or extra shifts. Outside of their current job, 35% have looked for jobs with higher salaries and 34% of workers have looked for a second job. A further 15% of people are considering looking for a second job, meaning almost half of working Brits have considered taking on multiple jobs to pay for living expenses.
“It’s no surprise that financial concerns are a priority for the vast majority of employees,” said Sarah Marrs, Qualtrics director, EX Product Science. “It is therefore essential that business leaders ensure that they understand the role they can play in helping to alleviate some of these concerns. This will demonstrate that they care about the well-being of their employees, retaining them despite ongoing retention challenges.
Parents are feeling the pressure even more – 82% of working parents say their pay is not keeping up with costs as well as it did a year ago. Nearly half say they have looked for a new (44%) or second (44%) job. Parents are also almost twice as likely to have moved to less expensive cities than employees without children.