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Two-fifths of UK key workers have taken on a side hustle or overtime to make ends meet
Two-fifths ( 43 %) of key workers in the UK have been forced to take on additional part time work on top of their full time role or work extra overtime shifts to make ends meet , new research from responsible lender , Creditspring , shows .
The data shows significantly higher levels of financial vulnerability among key workers , with nearly half ( 47 %) saying an unexpected expense of £ 100 would send them over the edge , compared to 25 % among the general population .
It is evident that many key workers are experiencing the cost of living crisis more acutely than the general population , and are almost twice as likely to be ‘ terrified ’ about their financial future ( 55 % for key workers vs . 29 % among the general population ).
The findings come as inflation hits 10.4 % in the UK , and the value of real wages
fell by 2.4 %, putting extreme pressure on household finances across the country .
With inflation where it is , nearly half ( 45 %) of key workers say that they are unable to provide adequate financial support to their families .
For many , falling back on savings is not an option and they are turning to borrowing to get by .
A third ( 34 %) of key workers have already run out of savings and are now reliant on credit to make ends meet . This compares to 19 % among the general population .
Concerningly , the research shows that many are using short-term , high-cost credit options , with a quarter ( 26 %) using this type of borrowing in the past three months ( compared to 14 % for nonkey workers ).
Silicon Valley campaign set to promote UK ’ s trillion-dollar tech sector
new Silicon Valley campaign has been launched to drive
A investment into the UK ’ s trillion-dollar tech sector to fuel emerging technologies and economic growth , amid the UK ’ s plans to boost research and development ( R & D ) spend to £ 20 billion in 2024 .
Last year , the UK proved itself to be a tech superpower as it became the third nation in the world to achieve a tech sector valued at one trillion dollars , alongside the US and China , with 162 ‘ tech Unicorns ’ valued at more than US $ 1 billion , more than Germany , France and Sweden combined .
Government research suggests that many of Silicon Valley ’ s top tech experts are not aware of the UK ’ s world-leading strengths and this campaign hopes to promote the UK sector ’ s agile regulation and world-class talent via targeted LinkedIn and digital display ads , a content partnership with TechCrunch as well as a short film by Stephen Fry .
The campaign is being supported by multiple UK tech unicorns ; Darktrace , Deepmind , Revolut and Matillion , with plans to invite US tech leaders to the UK for London Tech Week , further highlighting the government ’ s strong support for UK tech .
Khalid Talukder , Co-founder of DKK Partners , said : “ The UK ’ s technology sector has proven itself to be a lucrative global powerhouse over the past few years and should be viewed as a leading hub to invest in by Silicon Valley .
" It is fantastic to see the government showing continued support towards the thriving businesses that are helping the nation ’ s economy to recover and grow .” x
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