DIY SOS (“Supplement our Salaries”): 8.4 million Brits have become entrepreneurs to combat inflation

• As inflation continues to hit the nation’s pockets, 8.4 million¹ Brits have turned their skills into side hustles to boost their income
• Over half (51%) of Brits have learnt new skills to offset expenses as the cost-of-living rises, saving on average over £500 a year
• Their side hustles have even allowed some people to MAKE money, with 23% of people making an extra annual income of £354² – the equivalent of an average annual broadband bill ³

UK, 22 March 2023: A new study by Experian reveals that the rising cost of living has bred a nation of entrepreneurs. Research shows that 8.4 million have turned their new skills into side hustles to boost their income.

Over half (51%) of consumers surveyed originally learnt a new skill so they could take on more DIY tasks themselves and counteract rising living costs - resulting in an annual saving of £506.50⁴ a year. Other popular money-saving ventures include cooking (24%), painting and decorating (19%), and home repair (18%). By doing these tasks themselves, consumers said that they were saving themselves an average of £728.40, £636, and £402⁵ per year respectively. 

One in six Brits have gone a step further and managed to turn these newfound knacks into a paid side hustle, allowing them to further supplement their salaries by an average of £354.30 per year. This is the equivalent of the average annual broadband bill.

Along with DIY, pet grooming and selling homemade beauty products have also proven to be among the most lucrative additional ventures.

The majority of people (56%) said that they taught themselves their new skill by reading and watching online tutorials, while just over a third (36%) were helped by a friend or family member.

James Jones, Head of Consumer Affairs at Experian says: “Many of us are exploring ways to ease the squeeze as bills continue to rise, and some have learnt new skills to help save on expenses, such as dog grooming and home repairs.

“When you’re looking at ways to reduce outgoings and keep more money in your pocket, it could be worthwhile to research what savings you could make by switching existing borrowing to better deals, as well as understanding what impact debt consolidation could have on your finances. Recent Experian data found that by moving money owed on credit cards over to a 0% balance transfer card, you could save over £1,000 a year⁶.” 

Top ten most popular skills and how much they could save you each year:

1. Cooking - £728.40
2. Painting and decorating - £636
3. Home repair - £402
4. Gardening - £381.60
5. Electrics - £320.40
6. Sewing - £387.60
7. Hairdressing - £519.60
8. Car maintenance - £715.20
9. Grooming your pet - £504
10. Plumbing - £446.40

– ENDS –

Notes to editors:

Nationally representative research carried out by Opinium of 2,000 Brits between 3^rd – 7^th March 2023.

1. According to the ONS the adult (+18) UK population is of 53,188,204
2. Consumers were asked how much they’ve earnt from their side hustle(s) in the past year
3. According to Ofcom the average monthly broadband bill in the UK is of £28.33
4. The figure reflects the average amount of money consumers said they used to spend on external services per year. Calculations were made by looking at the top ten most popular skills learnt and how much they could save, and then taking the mean average of those totals.
5. The figures reflects how much consumers can save per year by learning new skills such as cooking, painting and decorating and home repairs
6. 6 million Brits could save over £1,000 a year as credit card spending grows at highest rate since 2005

Media contact:

Brands2Life for Experian

Tel: 0207 592 1200 / Email: experian@brands2life.com

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