With the holiday season nearly upon us, many households are feeling the financial strain that comes with Christmas. When you factor in gifts, festive meals, hosting family and friends, and rising utility bills, the cost of celebrating can add up rapidly. But it is still surprising that as many as nearly three in five (59%) Brits plan to take on an extra job during the festive season to help cover the cost of Christmas.
This is according to new research from Indeed Flex, an online platform for flexible and temporary work. With Christmas season approaching, a survey of 2,000 UK consumers found that a quarter of workers hope to boost their income from a side hustle, while one in five plan to take on an extra temporary job and 16% want additional part-time work. The need for additional income is highlighted by the fact that as many as 73% of respondents said that without it, they would struggle to make ends meet this Christmas.
Nearly four in ten (38%) Brits who are taking on extra work this year to supplement their pre-Christmas income have not done so in previous years — a sign of the struggles people are facing.
The latest platform data from Indeed Flex reveals businesses are looking to fill vacancies earlier than last year with Christmas-related job postings increasing 16% year-on-year in September and October. More than two-thirds (67%) of UK workers also intend to work overtime in the lead-up to Christmas to boost their pay packet.
Although the UK economy has made positive progress this year — such as inflation falling to 1.7% and a drop in interest rates to 4.75% — the high cost of living continues to strain personal finances.
77% of respondents say they have earmarked their additional income for Christmas presents, while many others will put it towards essentials such as food and groceries (65%), and utility bills (31%). Overall, one in five of consumers anticipate spending more than 40% of their monthly post-tax income on Christmas expenses this year.
Sadly, with financial pressures looming, 39% expect to have less disposable income for the holidays than last year, and 26% anticipate needing to borrow to cover costs. Among those who take on debt, over one in five (22%) expect it will take six months or more to repay.
Novo Constare, CEO and Co-founder of Indeed Flex, said: “Our research underscores just how expensive Christmas has become, and for many, this season’s expenses are a genuine concern. With high costs stretching personal budgets, it’s understandable that some feel uncertain about covering holiday expenses.
“Temporary and flexible work offers a practical, short-term solution for consumers looking to bridge the gap between holiday costs and their regular income. By taking on temporary roles, part-time work, or even a side hustle, people can give their finances a boost without needing to commit to long-term employment.
“This kind of work flexibility is invaluable, providing a cushion that allows individuals to enjoy the season without overstretching their budgets. For many, a few extra hours here and there, or short-term holiday-specific roles, can make a big difference.
“It’s encouraging to see people take proactive steps to manage their holiday finances this way, as it can help prevent the burden of long-term debt carrying over into the new year.”
