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Families turn to second jobs and sell cars to survive as cost of bread, milk and eggs climbs 21%
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14 July 2008
A typical weekly food shop now costs 21% more than it did in July last year
Millions of workers are hoping to beat the credit crunch by taking on second jobs to make ends meet.
As food, fuel and household bills continue to soar, nearly half of all Brits are planning to raise extra funds outside their normal jobs.
These include tuition, designing websites, PR and financial consultancy, photography and even dog walking.
Many are also planning to sell unwanted goods on eBay or rent out a spare room.
According to new research, a further 84 per cent are cutting back on non-essentials such as clothes, cosmetics and holidays to cover mortgages and utility bills.
Thirty per cent are planning to sell some of their possessions to make more money, including three per cent who want to sell their car due to rising fuel costs.
The research of 1,041 people by ICM also revealed that four per cent were even thinking about volunteering as a medical research subject.
The rising costs of living have also forced many people to change their holiday plans.
A quarter of those surveyed have decided not to take a holiday this year, while 13 per cent are staying in the UK instead of travelling abroad.
Phil Cliff, Director of Abbey Mortgages, said: 'With over eighty per cent of Brits taking measures to save money and earn extra cash, it's clear that belts are tightening all across Britain.
'Careful financial planning and budgeting can help combat the effects of rising inflation, and everyone should ensure that they are shopping around for the best financial products.'
The number of people who have second jobs has also risen since the start of the credit crisis and at 1.15million is the highest number in five years.
Vicky Redwood, UK economist for Capital Economics, said the numbers could be even higher as many people do not declare their second jobs to their employers or the taxman.
She said: 'We saw a sharp rise in the number of people with second jobs in previous recessions and that's starting to happen again.'
Police officers, as well as business analysts, lawyers and IT workers, are among those who have been looking for ways to boost their income.
Peter Smyth, the chairman of the Metropolitan Police Federation, said there has been a five per cent rise in the number of officers registering second jobs and business interests in the past year.
He said: 'We're seeing officers doing all sorts of work to raise extra funds - selling antiques on eBay, designing websites, working as chauffeurs.
'One guy who works for the Met now drives a hearse in his spare time.'
As a result of the growing trend for moonlighting, a number of websites have sprung up to provide a showcase for people's extra-curricular talents, including PR consultancy, poker teaching, cleaning, pole dancing and investment advising.
Luke Aviet, the founder of setyourrate.com, said that until recently his website was mainly used by students and retired people looking for extra money.
He said: 'The big difference in the past three months is that we're seeing middle-class types flocking to the site.
'Typically it's people in IT, financial or marketing people offering their services for an hourly rate as consultants.
'We are also seeing people selling their skills totally unrelated to their day job.
'We've had an advertising copywriter training people at poker.
'But the thing that unites these groups, they say, is that with bills, food and petrol costs getting higher, they need to do something extra to make ends meet.'
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