People who are struggling with financial constraints such as credit card debt could ease the pressure by seeking to supplement their income.
According to research commissioned by the Bank of England (BoE), many of those who are suffering from an “income squeeze” at the moment are looking to boost their financial position by getting a new job.
The study, which was undertaken by NMG Consulting, also showed that some are choosing to put in more hours at their current place of employment.
“Most households have experienced an income squeeze over the past year,” the BoE commented.
“And around half [have] been affected by – and had responded to – the fiscal consolidation.”
However, the BoE noted that its policy of keeping interest rates at a record low of 0.5 per cent has helped to mitigate the spread of the problem.
This comes after the Office for National Statistics revealed that total pay including bonuses rose by two per cent in the three months to October, compared with 2.3 per cent in the three months to September.
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