New report from Utility Warehouse and Cebr reveals £30bn boost to UK economy thanks to extra earnings from Multi-income individuals (Miis)< Back to Newsroom
Over a 12-month period, a Multi-income individual (‘Miis’) can expect to earn almost £10k extra through a side-hustle or second job
But almost a quarter of Miis think there’s a stigma attached to having more than one income and don’t want to talk about it with family or friends
Despite this, the number of Miis is rapidly growing in the UK and now stands at over 20 million - more than 1 in 3 of the UK’s adult population
Utility Warehouse (UW) collaborated with the Centre for Economics and Business Research (Cebr) on a major new report exploring the impact of Miis on the UK economy
7th June 2023 - Hard-working Brits can earn almost £10,000 a year through a side-hustle or second job to supplement their main salary, a major report reveals today.
New figures show there are over 20 million Multi-income individuals (‘Miis’) in the UK - representing more than 1 in 3 of the adult population - and who on average can earn an extra £780 per month.
However, the report from UW and Cebr found that almost a quarter (23%) said they don’t talk about their additional income with family or friends in case they 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 earning an additional source of income vary, but the cost of living crisis and rising household bills are the main factors, 35% and 34% respectively, while 18% of people cited the Covid-19 pandemic, 15% fear of a recession and 8% Brexit.
Other findings show that:
Almost half of the UK’s adult population (47%) could be earning an extra income by 2025 - up from less than 10% in 2017
More than 40% of Londoners earn an extra income, followed by the West Midlands (37.8%) and the South West (36.9%)
Men are more likely to have multiple incomes than women (54% of Miis are men, compared to 46% 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. Its word-of-mouth Partner 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 in the UK are turning to side-hustles or second jobs to help 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, many think there’s a stigma attached to earning an additional income and 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.”
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.”
Nicola Evans, a UW Partner, said: “My main motivation for finding a second income was to renovate my home - I didn’t want to let my kids have friends over before UW. And now I just love the choices it gives us. Even though the cost of everything has gone up, this gives us breathing space. I can fit the work around my family and it gave me the chance to build an income that gave us a beautiful home renovation - and now my children’s friends come over all the time to play! It supplements my main paycheque and allows me to plan for my future and live life on my own terms.”
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.