Millions of Aussies are looking at taking on a second job to try to ease financial stress, according to new research.
A nationally representative survey of 1,078 respondents revealed one in four (24 per cent) – equivalent to 4.8 million people – were being forced to take on additional employment, work longer hours or come out of retirement to make ends meet.
With food prices continuing to soar and many struggling to pay their mortgage or rent, 14 per cent said they started working longer hours to earn more money.
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The Finder survey also revealed further 7 per cent – equivalent to 1.4 million people – took on a second job to bring in extra cash. Sadly 3 per cent of people admitted they had no option but to come out of retirement.
Finder money expert Sarah Megginson said Aussies were sick of feeling broke.
“Living frugally is not enough, as paying for everyday basics is becoming an impossible task for many of us,” Megginson said.
“Households are having to buckle down and find ways to increase income as inflation increases the cost of everything, from groceries and petrol to energy and insurance.”
Megginson said that, while it was disheartening to have to look towards a second job to keep your head above water, there were a few ways to increase your income alongside your 9-5.
“There are options like pet sitting and rideshare driving, or handyman work via platforms like Airtasker and Gumtree,” she said.
“Whatever your skills or experience, there are some options you could explore for increasing your income.”
Try to spend less, not just earn more
Megginson said the flip side to making more money was spending less, and doing an audit of your household bills was the ideal way to make a big impact.
“Most of us pay some sort of ‘loyalty tax’ by simply sticking with the suppliers and providers we’ve been with for years,” Megginson said.
“But shopping around and comparing what you’re paying can save you big on household bills.
“In the last year, I’ve compared and saved $1,000 on my annual home insurance premium, hundreds of dollars on my car insurance and $20 per month on my broadband by switching providers.
“All of these savings add up, and that money is better in my bank account than theirs.”