Nearly 40% of UK workforce reconsidering their current employment situation as a direct result of Covid-19

Nearly 40% of the UK workforce are reconsidering their current employment status as a direct result of the Covid-19 pandemic, new research published today by LegalShield UK, has found.

The study, conducted through consultation with over 2,500 respondents from the UK, highlighted the stark employment uncertainty reverberating through the UK as we continue to see the economic fallout of Covid-19.

Recent figures published by the treasury has shown that over a quarter of the UK workforce is now being supported by the furlough scheme and redundancies are being made across the board; this data highlights the concerns felt by the UK public and alternative employment opportunities being explored.

As part of the survey, half of respondents interviewed have a “side hustle” – any sort of job that generates some sort of income in addition to their regular job. This trend has seen increasing popularity in recent months as people seek increased financial security via multiple income streams. Of those interviewed, one quarter (25%) stated having a side hustle in order to afford more luxuries, with a further quarter (25%) wanting to have another stream of income for increased financial security.

Since lockdown begun, those surveyed with a side hustle have earned an additional £1500, with some earning upwards of £10,000 across sectors including influencing, blogging and direct selling. One quarter (26.50%) were receiving additional income by selling items online.

LegalShield, the world’s leading provider of affordable legal and privacy protection plans, offers its Associates the opportunity to create additional income streams through its network marketing model of its flagship products: LegalDefence and PrivacyDefence.

Commenting on the data, Mike Roberts, Managing Director, LegalShield UK:

“Our mission has always been to protect our customers and empower consumers with knowledge of their legal rights. The data published today shows that we need to do more in our mission to empower people with financial security by drawing attention to the benefits of multiple income streams.
“Financial anxiety is sweeping the nation and incomes are under strain. Many of us will be looking for new ways to take control and generate additional income in the coming months and there are so many avenues to be explored, particularly in the new digital age we have found ourselves in.

“Lockdown has given people a chance to sample new ways of balancing their jobs and family lives; this adjustment has made people realise they do not want to go back to the old ways of working. This time has shone a light on the need for a new work-life balance in the UK.”