All work and no play: 1.4 million Aussies forced to take a second job
Millions of Aussies are working more to try and ease financial stress, according to new research by Finder.
A Finder survey of 1,078 respondents revealed 1 in 4 (24%) – equivalent to 4.8 million people – are being forced to take on additional employment, work longer hours or come out of retirement to make ends meet.
As food prices continue to soar and many struggle to pay their mortgage or rent, 14% say they have started working longer hours to earn more money.
A further 7% – equivalent to 1.4 million people – have taken on a second job to bring in extra cash.
Sadly 3% of people admit they had no option but to come out of retirement.
Sarah Megginson, money expert at Finder, said Aussies are sick of feeling broke.
"Living frugally is not enough to manage in the current economy, 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."
Megginson said that while it's disheartening to have to look towards a second job to keep your head above water, there are a few ways you can 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.
"Whatever your skills or experience, there are some options you could explore for increasing your income."
Megginson encouraged Aussies to set savings goals and track progress to help stay motivated.
"Free tools like the Finder app can help categorise your spending and your bills and help you identify areas where you can save money.
"That way, each pay is progress and it will be much faster to get to a better financial position."
Megginson said the flip side to making more money is spending less, and doing an audit of your household bills is the ideal way to make a big impact here.
"Most of us pay some sort of 'loyalty tax' by simply sticking with the suppliers and providers we've been with for years.
"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."
Finder's research found 1 in 5 (22%) Aussies are thinking about finding extra work to keep their head above water.
With the cost of living so high, here's 51 side hustle ideas you can start today.