Shocking report: Millions of Aussies forced to get second job due to rising living costs
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Hard times can drive us to do the unexpected. With the cost of living skyrocketing in recent years, many Aussies have been forced to tighten their belts and scour for cost-cutting strategies.
And this is true now more than ever, as a recent survey by comparison site Finder has revealed that more Australian workers than ever before are being forced to take on a second job in order to make ends meet.
The survey showed that one in four workers, which would equate to 4.8 million Australians, has taken on extra hours, a second job, or even come out of retirement simply to stay financially afloat.
As food and energy prices continue to soar, many are finding it increasingly difficult to keep up with mortgage or rental repayments.
But is there anything that we can do to ward off financial distress during our twilight years? Let's take a closer look at the situation and some possible solutions.
The Finder survey engaged 1078 respondents, revealing that 14 per cent of workers are putting in extra hours to supplement their income. A worrying 7 per cent of people are taking on additional jobs to offset the skyrocketing costs of living.
And for 3 per cent of the population, retirement has been pushed aside in favour of returning to the job market to strengthen their financial position.
One example of this is a man from North Queensland who came out of retirement to help support his family amid the rising cost-of-living crisis. You can read more about this story here.
Australian households are grappling with an ominous mix of economic factors that are steadily squeezing budgets. Last month, the unemployment rate jumped to 3.7 per cent – a figure that’s anticipated to worsen as the year progresses.
Accompanying this, the Reserve Bank has increased the cash rate 11 times in the past year to combat inflation, further straining family finances.
Just last month’s increase alone resulted in an additional $82 slapped onto the monthly repayments of a $500,000 loan. In comparison to April last year, borrowers now pay an extra $1,133 in mortgage payments – a staggering 54 per cent increase.
Moreover, tenants aren't enjoying any relief either. Rental markets in various capital cities are nearing record highs, with rental stock supply being squeezed beyond capacity.
Sarah Megginson from Finder passionately explained, 'Living frugally is not enough as paying for everyday basics is becoming an impossible task for many of us. 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.'
With one in five Aussies contemplating finding extra work to keep their heads above water, we here at Seniors Discount Club advocate for the importance of seeking out budgeting tips, applying cost-saving strategies, and researching any benefits and discounts available for older Aussies.
Stay informed, stay proactive, and support one another during these trying times. You can also consult with independent financial advisors or money coaches if you need help developing a new budget and sticking to it.
Do you know someone who has started working a second job to make ends meet? Or have you or someone you know had to come out of retirement in order to be able to better afford the cost of living? Share your thoughts about this story in the comments below! Also, if you have money-saving tips of your own, feel free to let us know as well!
And this is true now more than ever, as a recent survey by comparison site Finder has revealed that more Australian workers than ever before are being forced to take on a second job in order to make ends meet.
The survey showed that one in four workers, which would equate to 4.8 million Australians, has taken on extra hours, a second job, or even come out of retirement simply to stay financially afloat.
As food and energy prices continue to soar, many are finding it increasingly difficult to keep up with mortgage or rental repayments.
But is there anything that we can do to ward off financial distress during our twilight years? Let's take a closer look at the situation and some possible solutions.
A study showed that one in four workers have taken on more work to stay financially afloat. Credit: Ruslan Burlaka/Pexels
The Finder survey engaged 1078 respondents, revealing that 14 per cent of workers are putting in extra hours to supplement their income. A worrying 7 per cent of people are taking on additional jobs to offset the skyrocketing costs of living.
And for 3 per cent of the population, retirement has been pushed aside in favour of returning to the job market to strengthen their financial position.
One example of this is a man from North Queensland who came out of retirement to help support his family amid the rising cost-of-living crisis. You can read more about this story here.
Australian households are grappling with an ominous mix of economic factors that are steadily squeezing budgets. Last month, the unemployment rate jumped to 3.7 per cent – a figure that’s anticipated to worsen as the year progresses.
Accompanying this, the Reserve Bank has increased the cash rate 11 times in the past year to combat inflation, further straining family finances.
Rising cost-of-living pressures make it difficult for the most vulnerable in society to plan their budgets. Credit: Cottonbro studio/Pexels
Just last month’s increase alone resulted in an additional $82 slapped onto the monthly repayments of a $500,000 loan. In comparison to April last year, borrowers now pay an extra $1,133 in mortgage payments – a staggering 54 per cent increase.
Moreover, tenants aren't enjoying any relief either. Rental markets in various capital cities are nearing record highs, with rental stock supply being squeezed beyond capacity.
Sarah Megginson from Finder passionately explained, 'Living frugally is not enough as paying for everyday basics is becoming an impossible task for many of us. 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.'
With one in five Aussies contemplating finding extra work to keep their heads above water, we here at Seniors Discount Club advocate for the importance of seeking out budgeting tips, applying cost-saving strategies, and researching any benefits and discounts available for older Aussies.
Stay informed, stay proactive, and support one another during these trying times. You can also consult with independent financial advisors or money coaches if you need help developing a new budget and sticking to it.
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