Bradford & Bingley research reveals the changing landscape

in UK’s work & income patterns and the birth of SAVIEs

With interest rates having risen to 5.5% this month, house prices soaring by 12.1% over the past 12 months and a cost of living harder to maintain, nearly one in five people in the UK (19%) find having a second income necessary to achieve their dreams according to research from specialist lender, Bradford & Bingley.

The research indicated that although the days of the monthly pay cheques aren’t numbered yet, there is a significant change in how and when people earn their cash to make their dreams come true – a new generation that Bradford & Bingley is calling SAVIE (Secondary And Variable Income Earners).

12% of people are proving that a 9-5 job is not enough to dampen entrepreneurial spirit and run their own business outside of their main job’s work hours. Another 20% are clocking up extra cash through company/share dividends, bonuses and commission.

In addition, of the 11% that take on a second job to make more money, many see it not just as an opportunity to increase their income but also as a chance to try something new, fun or more fulfilling than the daily grind.

Andy Wiggans from Bradford & Bingley says: “Our research shows that increasing numbers of people want to get more out of life than a 9-5 salaried job can provide. One size no longer fits all.”

UK’s top five favourite second jobs…

With secondary jobs ranking high on the list of ways to bring home extra bucks, what

second jobs are we taking on? The research found the top five favourites were:

Caring /Nursing
Mystery Shoppers
Cleaners
Educational examiners and evening tutors
Councillors

Other second jobs recorded as part of the Bradford & Bingley survey[viii] included an astrologer, a diver, ski instructor and Reiki practitioner – people living their dreams at the same time as making more cash to achieve their ambitions. They also confirm taking on a second job does not have to mean it is all work and no play!

Despite the determination of SAVIEs, findings indicate that nearly three-quarters (71%) of people whose income patterns could restrict their mortgage options, weren’t aware that there are financial products, such as self certified mortgages for example, which have been designed to help them realise their goals.

“We need to let the SAVIEs know that there are mortgages on the market that will treat them as individuals and make their money work harder for them so they can really achieve their dreams,” concluded Andy Wiggans.