Two-fifths (43%) of key workers in the UK have been forced to take on additional part time work on top of their full time role or work extra overtime shifts to make ends meet, new research from responsible lender, Creditspring, shows.
The data shows significantly higher levels of financial vulnerability among key workers, with nearly half (47%) saying an unexpected expense of £100 would send them over the edge, compared to 25% among the general population.
It is evident that many key workers are experiencing the cost of living crisis more acutely than the general population, and are almost twice as likely to be ‘terrified’ about their financial future (55% for key workers vs. 29% among the general population).
The findings come as inflation hits 10.4% in the UK, and the value of real wages fell by 2.4%, putting extreme pressure on household finances across the country. With inflation where it is, nearly half (45%) of key workers say that they are unable to provide adequate financial support to their families.
For many, falling back on savings is not an option and they are turning to borrowing to get by. A third (34%) of key workers have already run out of savings and are now reliant on credit to make ends meet. This compares to 19% among the general population.
Concerningly, the research shows that many are using short-term, high-cost credit options, with a quarter (26%) using this type of borrowing in the past three months (compared to 14% for non-key workers).
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