A survey by KIS Finance has found that over 22% of those aged 18 to 35 have been forced to take on an additional job in order to make ends meet, as the cost-of-living crisis deepens.
Whilst recent figures from the ONS show that unemployment fell to 3.7%, its lowest level in nearly 50 years, many are having to take on supplementary roles to afford the basics necessities, as inflation soars to 9%.
Key statistics from the survey found:
•22% of those aged 18 to 35 have taken on an additional job to help them afford basic items such as rent, heating and food
•57% reported they are already struggling financially and expect things to get significantly worse in the near future
Holly Andrews, MD at KIS Finance commented on the findings:
“The news that inflation has risen to 9%, a 40-year high, is extremely concerning for those who are already struggling to get by,” she said.
“The Government’s approach of increasing interest rates to discourage expenditure is having the effect of putting further pressure on those with variable rate mortgages, who are seeing their monthly outgoings increase on a regular basis. Those in rented accommodation are also being hit, as landlords look to increase rents in line with the increase in their own costs of borrowing.
“With this coming at a time of severe shortages in the housing market, prices are being forced up, making it even harder for first time buyers to take that step onto the property ladder.
“Meeting mortgage income criteria is also an additional challenge, as an increasing proportion of people’s salary is taken up with other essentials.
“Given the combination of these different pressures, particularly on young people, the challenge of buying a first home seems to sadly be even further out of reach for many”.
