Austerity Index Q2: Economy driving some Brits to desperate measures

Income-Boosting-Infographic-(SAVEFORWEB)

Britons are pulling out all the stops to keep their household coffers topped up through times of austerity, even to the point of engaging in actions they believe to be wrong. According to JWT London’s latest Austerity Index report, a small percentage of Britons (6 percent) reveal that austerity has forced them to do something they believe to be unethical. This underscores recent reports from charities and police federations noting a rise in desperate crime: people stealing to simply feed themselves or their families.

The most popular method our 600 respondents are employing to raise money is clearing out their attics, wardrobes and cupboards, with 46 percent hawking unwanted goods at car boot sales or online auctions. More poignant is the revelation that a fifth (22 percent) have been obliged to part with things they still wanted or needed to make ends meet. An enterprising 16 percent are resourcefully “flipping” items: buying goods with the intention of selling them at a profit.

Glimpses of an emerging peer-to-peer economy are discernible too: 15 percent of respondents are selling their skills and knowledge to others, and 4 percent are making money from unused assets in their home, like parking spaces, storage space or spare rooms. (Peer Power is one of JWT’s key trends for 2013.) Finally, a substantial number are taking their chances with Lady Luck: 42 percent are trying to win competitions, and 12 percent have started playing the lottery. Tough times are driving the nation to ever-greater levels of resourcefulness.

This Austerity Index survey was conducted in June using SONAR™, JWT’s proprietary online tool. The JWT Austerity Index is a quarterly study that analyzes the impact of prolonged economic adversity on British consumers and markets. The Q2 report is available to download here. The Q1 report is also available for download, here.

Photo Credit: JWT London

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