Edith Hejberg
Once, a steady job meant security. Today, for millions of British workers, it’s simply a lifeline to keep debt collectors at bay.
A new report, The True Cost of Debt for British Workers, reveals that mounting debt isn’t just squeezing budgets, it’s forcing career compromises and eroding wellbeing across the UK.
From Dream Careers to Debt-Driven Decisions
The research paints a stark picture: 35% of British workers have taken jobs they didn’t want purely to keep up with bills. In the US, that figure is even higher at 37%.
What was once a choice based on ambition has become a matter of financial survival.
The Side Hustle Surge
An astonishing 5.2 million Britons now juggle second jobs to make ends meet.
This mirrors the 38% of US workers taking on extra work to offset rising living costs. For many, evenings and weekends are no longer theirs, they belong to the hustle.
No Cushion After the Bills Are Paid
Almost half of UK workers say they have no money left after covering essentials.
Fourteen percent are leaning more heavily on credit just to get by. Instead of saving for the future, many are simply borrowing against it.
Climbing Out of Overdrafts, Not Career Ladders
Career expert Maciej Tomaszewicz sums it up: “Debt is no longer just a balance sheet issue, t’s a workforce issue.”
For countless workers, the goal isn’t career progression but digging themselves out of financial holes.
Mortgages in Crisis
Mortgage arrears in the UK jumped 69% in 2024 after years of interest rate hikes.
For homeowners, keeping a roof over their heads has become a monthly struggle, pushing some to downgrade jobs or take any work they can find.
Credit Cards and Unsecured Debt Skyrocket
Nearly half of UK adults now carry unsecured debt, with the average standing at £4,232 per person.
The nation’s household debt-to-income ratio is a staggering 118%, leaving little room for error when unexpected expenses hit.
A Shared Struggle Across Borders
Financial stress isn’t confined to the UK. In the US, almost half of workers owe at least $25,000 (£18,500), and one in five owe more than $100,000 (£74,000).
Whether in pounds or dollars, the pressure is reshaping how people work, live, and plan.
Survival Mode Over Ambition
Twelve percent of UK workers considering a career change say the cost-of-living crisis is the main driver.
Another 10 million say they’d take a second job if things get worse. Ambition is on hold, survival is the priority.
The Call to Reclaim Ambition
Experts say the solution lies in aligning wages with living costs, offering debt-management support, and creating real opportunities for career growth.
As Tomaszewicz warns, “Work should offer growth, not just a way to pay off yesterday’s bills.” Without change, Britain risks losing a generation to jobs they never wanted in the first place.
