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Nearly a third of 18-35-years-olds admit that they’ve been forced to take on a second job in order to afford everyday living.

This is according to research from KIS Finance, an independent finance broker specialising in bridging finance, development finance, commercial mortgages, equity release and secured loans.

This figure has gone up compared to a similar KIS Finance survey carried out earlier this year, which found that a quarter of young people had had to find secondary employment.

Holly Andrews, MD at KIS Finance, commented, “The increase in the energy price cap by 80% is devastating news for many households who are already struggling to get by.

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“Coming on the back of the recent increase in interest rates, this perfect storm of rising costs will push a growing number of people out of the first-time buyer market for good.

“Even if they manage to save for a deposit, meeting mortgage income criteria is increasingly challenging, as a growing proportion of people’s salary is taken up with other essentials. Rising energy costs are simply going to exacerbate the situation and push home ownership further out of the reach of many young people, unless additional government support is quickly forthcoming”.

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