One in Five Londoners Set to Launch Side Hustles in 2025 to Achieve Financial Goals

Over One in Five Londoners Plan Side Hustles in 2025

Source: London Daily News

Survey Highlights

• 21% of Londoners plan to start a side hustle in 2025 for financial stability.
• Among 18- to 34-year-olds, 58% aim to supplement their income through side hustles.
• Majority of respondents cited enhancing savings as their primary goal.

Savings Goals

• 21% aim to save between £1,001 and £5,000 in the coming year.
• Only 25% of individuals are uncertain about their savings targets.

Strategies to Achieve Financial Goals

• 40% intend to save by setting aside money from work and pensions.
• 30% plan to reduce expenses to meet their goals.
• 21% will invest their money as a savings strategy.
• 16% will rely on side hustles for additional income.

Regional Insights

• Londoners face high living costs, with 36% citing it as a substantial barrier to saving.
• Northern Ireland residents are twice as likely to invest for savings growth.
• North West leads in average planned savings at £5,633.16.

Expert Recommendations

• Regularly review your bank statements to set realistic savings goals.
• Choose the right savings accounts to meet specific financial needs.
• Consider multiple accounts to diversify savings strategies.

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, emphasizes the importance of understanding savings options and the benefits of small, consistent savings habits.