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:
– ENDS –
Notes to editors:
Nationally representative research carried out by Opinium of 2,000 Brits between 3rd – 7th March 2023.
Brands2Life for Experian
Tel: 0207 592 1200 / Email: firstname.lastname@example.org
Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.
We have 21,700 people operating across 30 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. With corporate headquarters in Dublin, Ireland, we are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.