25 August 2021
Almost two-thirds of first-time buyers hold down a second job to help them save for a deposit, according to a poll from Ipswich Building Society.
The mutual’s survey says 64% of FTBs turn to a second source of income while saving for a home, which it says plays against this group “being labelled as the ‘bank of mum and dad’ generation”.
Second job figures among this group jump to 85% in London.
The survey said 32% of those saving for a home have started their own business, half of which are related to their main job.
Other common forms of second income include informal work such as taking on a bar job at weekends, 23%, or using skills from their day jobs to earn extra cash on the side, such as software developer designing websites for friends and family after work. This was popular among 22% of FTBs.