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Brits are using side hustles such as dog walking and renting out the spare room to help cover the cost of living, according to research from Oddsmonkey.
As the annual inflation rate doubled from 1.2 per cent to 3.1 per cent in the past year, the average monthly wage of £1,538.97 is seemingly not enough to cover the cost of living for almost a quarter of Brits (24 per cent).
Because of this, 25 per cent of working employees have resorted to a side hustle to earn extra money with 36 per cent of those having three or more ways of making extra cash.
One in three side hustlers use dog walking as a way to earn extra money taking home on average an extra £2,592 each year on top of their salary.
Over a third (34 per cent) say dog walking is more fulfilling than their full-time job, and almost four in ten (39 per cent) Brits wish it could be their main job.
The matched betting experts polled 2,000 Brits on their additional sources of income, to discover the side hustles Brits are taking up to become more financially secure.
The study discovered the majority of Brits are concerned with being unable to cover the cost of their bills (48 per cent) and their rent/mortgage (28 per cent), and therefore adopt a side hustle to earn extra cash.
Some 68 per cent of Brits sell their unwanted items on eBay and Facebook marketplace this side to earn an average of £165 a month, making it the most popular side hustle adopted by Brits.
Despite not being the most profitable side hustles, making crafts, dog walking and baking were found to be the most enjoyable – showing that while Brits want to earn more money, they want their additional sources of income to be something they enjoy doing.
Selling beauty products through direct selling companies such as Avon was found to be the most lucrative side hustle, with the third of Brits taking this up, earning an average of £249 commission a month.
Renting out a spare bedroom and blogging were also found to be lucrative side hustles with Brits raking in an average of £241 and £231 per month respectively.
Those with a side hustle are earning nearly £3,000 a year on top of their yearly salary and many admitted to dodging tax. Despite earning over the £1,000 annual allowance, 34 per cent of those with a side hustle confessed to not declaring their extra earnings.
Peter Watton, spokesman for Oddsmonkey says, 'With the constantly increasing cost of living, we were hardly surprised that Brits are having to take up side hustles in order to earn themselves some extra cash.
'While it is great that Brits are using their passions to earn extra income, it is important to remember to declare any income over £1000 to ensure you don’t get in trouble with the tax man!'
Tips and guides for running a side hustle can be found here : https://www.oddsmonkey.com/sidehustle/