With rising living costs, more Australians are turning to second jobs to boost their financial security. Recent data from the Australian Bureau of Statistics (ABS) revealed that nearly one million people held multiple jobs by December 2023, marking a notable increase from the previous year. A March 2024 Finder study found that 32% of Australians were considering taking on additional work to meet their financial needs. Many are finding success in the gig economy, leveraging platforms like Airtasker for extra income. Taking on a second job offers not only financial relief but also opportunities for skill development and career growth.
Surge in Second Jobs
The ABS’s most recent data from December 2023 found that amongst the 14.53m employed people in Australia, 970,700 of them carried a second job or multiple jobs. This constituted a 3.7 per cent increase from the same month in 2022. The secondary-job market also rose 6.8 per cent year-on-year to 1.1m.
A March 2024 Finder study of 1,096 respondents revealed that 32 per cent of them, equivalent to 6.7 million people in Australia, were considering applying for a second job to augment their living expenses. Sixty-eight per cent meanwhile said their financial standing was secure, they didn’t need a second job. On the demographics front, the study tagged 56 per cent of GenZers as feeling the pressure of finding a second job, with millennials in second place at 40 per cent.
The need to land at least an extra job has somehow produced good results for anybody up to the challenge. Interviewed for Nine’s A Current Affair, Sarah Taylor and her brother Jamie Hulcombe opened up accounts on gig economy platform Airtasker and took up various projects from furniture removals to flat packs, earning close to $1,000 in a fortnight. Ms. Amy Morgan, who works full-time in a marketing company, revealed to 9 News that jobs she found in Airtasker for over a year has enabled her to earn almost $12,000 a month.
Boosting Financial Stability Through a Second Job
Financial Stability
Working an extra job can help individuals cope with the rising cost of living. It provides an additional source of income that can be allocated towards daily expenses, savings, debt repayment, or future investments. This increased financial stability can alleviate stress and provide a sense of security.
The need for financial stability that may be possible from an extra job has attracted strong attention on the counselling front. In an interview with ABC Australia, Consumer Action Law Centre (CLAC) financial counselling director Claire Tacon said there was a 25 per cent spike in calls in the past year – from employees who are so cash-strapped, they feel the pinch to apply for a second job.
Debt Reduction and Financial Goals
Taking on an additional job can accelerate debt repayment and help individuals achieve their financial goals faster. Whether it’s paying off student loans, credit card debt, or saving for a down payment on a house, the extra income from a second job can make a significant difference in achieving these milestones.
Skill Development and Career Advancement
An additional job can provide opportunities for skill development and career advancement. Taking on a job in a different industry or acquiring new skills through part-time work can enhance your resume and open doors to new career possibilities. It also demonstrates initiative, versatility, and a strong work ethic to potential employers.
Managing Time with a Second Job
Assess Your Schedule and Priorities
Before taking on an extra job, assess your current commitments, including your primary job, family obligations, and personal activities. Understand your priorities and determine how much time you can realistically dedicate to an additional job without compromising your well-being and relationships.
Seek Flexible Opportunities
Look for part-time or flexible job opportunities that can complement your primary job. Remote work, freelance gigs, or jobs with flexible hours can provide greater control over your schedule, allowing you to allocate time for both jobs effectively.
Plan and Organise
Create a schedule that includes designated time for your primary job, additional job, personal time, and rest. Plan your days and weeks in advance, considering deadlines, important meetings, and personal commitments. Stay organised through calendars, to-do lists, and productivity tools to manage your time effectively.
Avoid Overcommitment
Be mindful not to overcommit yourself by taking on too many responsibilities. It’s essential to maintain a healthy work-life balance to prevent burnout. Set realistic expectations for yourself and ensure that you have enough time for rest, self-care, and spending time with loved ones. Remember your tax obligations as well: the Australian Taxation Office (ATO) mandates a tax-free threshold for multiple-income earners on the first $18,200 of income you earn in a fiscal year.
Communication and Support
Communicate with your employer(s) and let them know about your additional job commitments. Transparency is key in managing expectations and ensuring that both jobs can coexist harmoniously. Seek support from family, friends, or colleagues who can help with tasks or provide encouragement during busy periods.
Take Care of Yourself
Working multiple jobs can be demanding, so prioritise self-care. Get sufficient sleep, exercise regularly, maintain a healthy diet, and allocate time for activities that recharge and relax you. Taking care of your physical and mental well-being is crucial to sustain your productivity and effectiveness. Being able to eat regularly is vital to have the fuel needed to work the jobs you’re committed to – Ms. Tacon said one of the CLAC’s recent callers was a person with two jobs but skipped meals.
The Bottom Line
The rise of second jobs in Australia reflects a growing need for financial stability amid increasing living costs. With nearly a million Australians taking on multiple roles, the gig economy presents valuable opportunities for earning extra income, developing new skills, and accelerating debt repayment. While the pursuit of additional work can enhance financial security, it’s crucial for individuals to carefully manage their time and prioritise self-care to maintain a healthy work-life balance. By strategically navigating the challenges and benefits of working multiple jobs, Australians can work towards a more secure financial future while achieving their personal and professional goals.
DISCLAIMER: This article is for informational purposes only and should not constitute official employment or financial advice. QUICKLE has no affiliations with any job portal or company mentioned. Please consult a financial advisor and career counsellor for your options.
