Five million Brits will be moonlighting August Bank Holiday
23 August 2007
Five million people in Britain will be earning a bit on the side this bank holiday Monday, according to leading personal finance information site Fool.co.uk.
Research uncovers that three out of eight people (38%) in Britain have one or more jobs that are separate from their main occupation. In fact, one in six (16%) of your workmates will be moonlighting this bank holiday while you enjoy the long weekend break.
While one out of three people (30%) say they have another job, one in 14 people (7%) have two jobs apart from their regular day job. One in 50 people (2%) are holding down three or more jobs! People who work in Northern Ireland are some of the most likely to moonlight, while East Midlands workers tend to stick to just one job.
But not everyone is frank and honest with their boss about their after-work activities. Seven out of ten moonlighters (70%) say their main employer is not aware of their other jobs. Perhaps it is because almost half (43%) say their bosses forbid employees holding multiple jobs.
Interestingly, not everyone moonlights for money. While under half (47%) say their main motive is to earn extra cash, one in five people (19%) moonlight simply to broaden their horizons.
One out of four people (25%) justify moonlighting on the grounds that they feel their talents are not properly recognised in their regular day job. One in six people (16%) who took part in the study feel that moonlighting is wrong.
Nevertheless, moonlighting can be quite lucrative. The findings suggest that on average it can boost total income by 6%. For one in seven people (14%), it accounts for 10% of total income, and for another one in seven (14%), a fifth or more of their income is generated outside of their main job.
David Kuo, Head of Personal Finance, says: “Our study shows that people moonlight for a variety of reasons. While money is not necessarily the primary objective for some moonlighters, it is for almost half the people who take on work outside of their normal day jobs.
“But Instead of moonlighting, it can be more productive to examine the way that we live our lives. Revisiting our budgets is a good way to identify savings that will allow us to improve our wealth without working extra hours. After all, it’s not what we earn that makes us rich, but how we spend what we have that counts.
“Moonlighting can also be an ethical, legal and financial minefield, and we need to tread carefully. Dancing under the moonlight may seem harmless at first - that is until it turns into sunlighting or twilighting.”
Fool.co.uk’s Top Tips For Moonlighters
If you moonlight for cash make sure you keep a proper record of what you earn
Put aside enough money for tax if tax hasn’t been deducted
Check your tax code carefully because mistakes are more likely if you hold multiple jobs
Always check with your main employer before you take on another job
Give 100% of your efforts to your main employer during working hours
Try to maintain a proper work/life balance
