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Media centre /
Press releaseREVEALING BRITAIN’S ‘PLAY DOUGH’ EARNERS14 December 2007
A fifth of Brits (20%) boost their income with money earned from a hobby or interest, according to the latest NS&I Quarterly Savings Survey published today – collectively earning £26.44 billion per year*. Just over half (57%) of these people are primarily doing this for fun and are ‘play dough’ earners, yet, employers be warned, many confess to using ‘work-time’ to generate these extra pastime pounds. Bringing home the baconHobby earners on average yield £3,511 a year after tax through their efforts, increasing their average annual income by a fifth. Nearly all of these earners use the extra pounds to create financial security. Almost a third (31%) of the ‘play dough’ population are investing the extra money in savings, and more than one in six hobby earners (15%) use the money to pay off debts, while over half (56%) use the money to pay for rising day-to-day living expenses. For others (16%) the additional money is simply used to pay for life’s little luxuries. Dax Harkins, senior savings strategist at NS&I, said “British people are proving that saving money can be enjoyable when combined with a fun activity or hobby. It is great to see so many people using their initiative to earn some extra money which will help them create a nest egg for the future. ”Even a few pounds each week invested in long-term savings can benefit, particularly as we are seeing an increasing number of people who say they would not have enough in savings to cope in a financial emergency.” Most popular money makers
Turning a hobby or interest into a money-spinning venture takes time. On average ‘play dough’ earners are spending more than 11 hours each week on their hobbies. And the time spent on making this ‘play dough’ appears to be spilling over into other areas. It may be disturbing for some bosses to learn that over a third (36%) confess to having used ‘work-time’ on their money-making hobby or interest. It is not just the bosses who need to worry about ‘play dough’ earners being distracted from their duties. Nearly a fifth (19%) admit that their money-making hobby has affected their relationship with their partner or family, taking up time that would normally be spent with them. In fact, people appear to want to spend even more time on their hobbies, with over a third (37%) saying that they hope one day to make their hobby their primary source of income. On average, men dedicate more time to their hobby activities each week (12 hours), compared to women (10.4 hours each week). They are also much more conservative when it comes to saving hobby income; in fact 35% of men put the money they make into savings accounts compared to just 23% of women. This coincides with main survey figures that see men driving such positive savings behaviour. Internet entrepreneursA large proportion of money making hobbies and interests are spurred on by the use of the internet. Almost three quarters (74%) say they use the internet for making money from their hobby or interest. Half of those surveyed (50%) said they simply could not operate without the ‘net’. Social networking sites are also helping drive this growth with over a third (35%) of ‘play dough’ earners who use the internet, use sites such as MySpace or Facebook to conduct or promote their money making venture. Positive savings resultsThe NS&I autumn 2007 Quarterly Savings Survey also reveals that savings are on the up. All of the key savings indicators have increased in value from the levels recorded the previous quarter and we have seen the most consistent improvement in savings levels quarter on quarter, since the survey began in 2004. During this time:
ENDS Notes to editors *GB Population between 16-64 is approx 37.65 million, 20% of this is 7.53m x £3,511 is £26.44 billion. 1. Regional data available from the quarterly savings survey. About NS&I NS&I is one of the UK’s largest financial providers with 27 million customers and £81 billion invested. It is best known for Premium Bonds, but also offers Savings Certificates, Direct ISA, Guaranteed Equity Bonds and Children’s Bonus Bonds in its range. All products offer 100% security, because they are backed by HM Treasury. NS&I products are available over the telephone, internet, post and by standing order. They are also available through a network of 14,000 UK Post Office® branches. From 1 November 2007, customers can also pick up brochures for our Premium Bonds and Inflation-Beating Savings products at retailer WHSmith in 400 of its High Street stores. Quarterly Savings Survey For a PDF of NS&I’s Quarterly Savings Survey or further information on the statistics supplied in this release please contact the NS&I media team. Further information and previous copies of the survey are available from The online survey, which questions people about their savings habits, was carried out by TNS among 3,030 GB adults aged 16-64 years old between 23 October and 1 November 2007. The full Savings Survey telephone research was carried out by TNS among 3,016 GB adults aged 16+ between 7 September and 4 November 2007. Dax Harkins is available for interview and high-resolution photographs can be supplied. Contact the media team to arrange an interview or request photographs by e-mail.
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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