Double or quits: 3m Brits will have to work two jobs to fund retirement plans

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Over three million Brits plan to work a second job in order to save up enough money for their retirement, with the side hustle trend particularly evident amongst younger workers, according to new research.

The pension experts at money.co.uk looked into how Brits are planning to finance their retirement, finding that one in ten believe they will need to take on a second job – equating to 3.2 million workers.

The trend is increasingly common with younger respondents, with as many as 13% of 16-24-year-olds and 14% of those aged 25-34 identifying a side hustle as part of their plans.

Comparatively, fewer than half the amount of over 55s are planning to generate extra income through an additional career.

How age impacts plans to work a second job to save funds for retirement: Age range & proportion stating they plan to work a second job to finance their retirement

16-24: 13.4%
25-34: 14.1%
35-44: 7.6%
45-54: 9.6%
55+: 6.9%

While making use of savings accounts (38%) or investing in stocks and shares (19%) are Brits’ favourite methods to add cash to the retirement fund, taking on a second job is more popular than buying premium bonds (9%).

Those living in the South West are most likely to have a side hustle, with 13% of locals adding this to their plans. By contrast, Londoners are less likely to double up on their work, despite the high cost of living in the capital (9%), while East Anglia has the lowest proportion in the country, with 8%.

Salman Haqqi, Personal Finance Editor at money.co.uk said: “A common way to ensure you have funds available for retirement is to make use of pension schemes, and the basic state pension payment is £137.60 per week, or £179.60 for younger workers, as outlined on the government’s website.

“But, it seems the rising cost of living is forcing younger generations to find additional ways to add to their retirement fund, such as investing in stocks and shares or working a second job. However, with a wealth of private options available to supplement the state pension, it’s certainly worth assessing these options as a method for funding your future.”

 

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    Lisa Carter

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