A recent study conducted by Finder has unveiled the significant financial strain faced by Australians, leading to a surge in the number of individuals seeking second jobs.
With 32% of Australians feeling compelled to augment their income, equivalent to 6.7 million people, the report underscores the widespread economic challenges gripping the nation.
The study reveals a stark gender disparity, with nearly twice as many women as men expressing the need for additional income streams.
Key Insights:
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Finder’s survey of 1,096 respondents highlights that financial pressures are driving a considerable portion of the population to explore secondary employment opportunities.
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Women appear to be disproportionately affected, with 41% expressing the need for a second job, compared to 24% of men.
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Official data from the Australian Bureau of Statistics (ABS) indicates that as of December 2023, 970,700 individuals across the nation were engaged in multiple job arrangements.
Rebecca Pike, a financial expert at Finder, said the growing struggle faced by households in meeting their financial obligations.
Pike attributes this predicament to the escalating costs of living, including rising insurance and energy bills.
The research underscores the heightened vulnerability of young Australians, particularly those belonging to Generation Z and millennials.
Secondary employment
A staggering 56% of Gen Z respondents anticipate the necessity of seeking secondary employment in 2024, followed by 40% of millennials.
Pike advocates exploring alternative avenues for supplementing income, such as renting out unused equipment or spare rooms, and leveraging platforms like AirTasker to market one’s skills.
Pike advises Australians to proactively manage their finances by building up a financial buffer and diligently comparing expenses to potentially secure significant savings.
In conclusion, the findings of Finder’s research shed light on the pervasive financial challenges confronting Australians, urging individuals to adopt proactive measures to navigate the evolving economic landscape effectively.
