London home to 3,039,432 Multi-income individuals (Miis)
New figures show that 43% of adults in London are Multi-income individuals (‘Miis’), according to a major new report released today. Londoners make up 15% of the 20 million Miis across the UK who can earn almost £10k a year through a side-hustle or second job to supplement their main salary.
On average, Miis earn an extra £780 per month through their secondary income stream. However, the report from UW and Cebr identified the need to break down the stigma associated with multiple income streams.
Almost a quarter (23%) of Miis in the capital said they don’t talk about their additional income with family or friends, with 22% believing people will assume they are struggling with money.
Despite this, Miis are helping to power the UK economy and last year spent £55 billion of their extra income on UK businesses – supporting more than 364,000 jobs to deliver a £30 billion boost to the nation’s coffers.
Reasons for Londoners earning an additional source of income vary, but the cost of living crisis and rising household bills are the main factors, 35% and 33% respectively, while 27% of people cited the Covid-19 pandemic, 23% fear of a recession and 14% Brexit.
The report also finds that men in London are more likely to have multiple incomes than women (52% of Miis are men, compared to 48% of women).
UW wants to increase people’s understanding of why people become a Mii and help break down the barriers that prevent more people from earning an extra income. It has 60,000 Partners in all corners of the country and its word-of-mouth opportunity has enabled tens of thousands of people over the last 25 years to earn an extra income around their main job or other commitments.
Andrew Lindsay, Co-CEO of Utility Warehouse, said: “Millions of people across the UK are turning to side-hustles or second jobs to make ends meet in the current cost of living crisis. We think these people – Miis – deserve greater recognition. They contribute billions of pounds to the economy through their extra work, but despite this, there’s a stigma attached to having more than one income and people don’t want to talk about it – even with family or friends. We want to challenge these preconceptions so people with multiple incomes can continue to help power growth and opportunity across the UK.”
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Owen Good, Head of Economic Advisory, Cebr, said: “To our knowledge, this is the first and most detailed report of its kind, and provides significant insight into people who earn an extra income. Our research demonstrates the breadth and scale of these individuals across the UK, along with the associated economic contribution of this group. Over 20 million people across the UK have a secondary income and this figure is set to grow even further in the coming years. This provides a very significant boost for UK businesses, supporting jobs and increasing economic activity as Miis spend their additional income.”
The report is based on a detailed survey of 10,000 people who earn a second income from a wide range of sources from Airbnb hosts and bartenders to Ebay sellers and film extras, as well as UW Partners.
