With the current cost of living crisis, it’ll come as no surprise to learn that a new survey has found that 22% of 18-35-year-olds have had to take on a second job.
And, although recent ONS figures show that unemployment fell to its lowest level in nearly 50 years (to 3.7%), many workers are finding themselves forced into taking on additional roles in order to afford the basic necessities, such as rent, heating and food.
Holly Andrews, MD at KIS Finance, commented, “The news that inflation has risen to 9%, a 40-year high, is extremely concerning for those who are already struggling to get by.
“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.
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Email Jaime“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.”
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