More than half a million UK homeowners have taken on additional work to manage soaring mortgage costs, raising concerns about workplace wellbeing, stress and burnout, new figures show.

According to data from Indeed Flex, an online marketplace for temporary work, 15% of homeowners whose mortgage repayments have increased over the past year — an estimated 528,000 people — have taken on extra shifts or second jobs to cope with financial pressure.

The survey of over 800 mortgage holders found that 40% have seen their repayments increase in the last 12 months, largely due to remortgaging onto higher rates or having a tracker or variable mortgage.

To manage the strain:

  • 38% have cut back on non-essential spending such as holidays and dining out.
  • 14% say their income covers mortgage increases but leaves them struggling to pay other bills.
  • 12% report that their income is insufficient to cover the mortgage hike altogether.
  • 9% have turned to temporary work to make ends meet.

Indeed Flex CEO and Co-founder Novo Constare said the pressure to maintain financial stability was driving many homeowners to work longer hours or take on second jobs, adding strain to already demanding work schedules.

“Millions of Brits are experiencing mortgage stress, prompting homeowners to take proactive steps to manage their finances,” he said. “The pressure to make ends meet is driving many people to seek additional income streams, such as working longer hours, taking on a second job or doing temporary work.”

He said many households were therefore experiencing additional pressures because of high workloads and family commitments and now having to work more. “Flexibility is key when it comes to temporary work and finding shifts that work around their hectic day-to-day lives,” Constare suggested.

The Wellbeing Impact of Overwork

While flexible work can offer financial relief, the increasing number of people taking on extra jobs to stay afloat financially raises serious concerns about work-life balance, mental health and fatigue.

Research has shown that prolonged financial stress and overwork can lead to:

  • Increased burnout and exhaustion.
  • Higher rates of anxiety and depression due to persistent financial insecurity.
  • Disrupted sleep patterns caused by stress and irregular working hours.
  • Decreased productivity and engagement in primary jobs.

Solutions: How Employers Can Support Workers Facing Financial Strain

Rather than ignoring the reality that many employees are working longer hours or multiple jobs, companies can take proactive steps to protect employee wellbeing.

Financial Wellbeing Programmes

Companies such as HSBC have introduced financial wellbeing initiatives to help employees manage money effectively. HSBC offers a comprehensive financial wellbeing programme that includes financial education workshops, debt management support and savings plans. Since implementing the scheme, the bank has reported a 15% increase in employee productivity and a 10% reduction in absenteeism.

Heineken UK has also taken steps to support employee financial resilience by partnering with financial wellbeing provider Cushon. The initiative provides employees with financial planning tools and resources, helping to improve financial security and reduce stress levels associated with money worries.

Flexible Work Arrangements

Offering compressed hours, hybrid working or shift flexibility allows employees to manage additional jobs without burning out. For instance, Deloitte UK has implemented a flexible working scheme that allows its 20,000 employees to agree on arrangements that best suit their personal circumstances while ensuring maximum productivity.

Mental Health and Burnout Support

With financial worries being a major cause of stress, companies are expanding mental health resources. PwC UK has recognized the importance of supporting employee financial wellbeing and has implemented programs to assist employees in managing their finances, thereby reducing stress and improving overall mental health.

Striking a Wellbeing Balance

As mortgage pressures continue, financial strain will remain a key workplace wellbeing challenge, say experts. Employers who fail to address it risk higher absenteeism, lower engagement and long-term burnout in their workforce, they caution.

By embedding financial wellbeing into HR strategies, businesses can help employees manage economic stress without sacrificing their health and productivity.