Poly-employment fighting back against cost-of-living pressures

Australian workers have adapted to cost-of-living pressures by picking up jobs with multiple employers as a means of bringing home an additional income.

Cost-of-living pressures are easing as shift workers’ ability to cover expenses is improving, according to new data from Deputy. The data shows that the percentage of workers able to cover their living expenses while having room for savings increased from just 25 per cent in 2023 right through to 35 per cent in 2024.

These significant economic conditions that workers have had to deal with over the last couple of years have pushed a number of them into poly-employment to secure that financial stability. The report showed that 22 per cent are juggling two jobs (poly-employment) as a means of bringing in additional income.

In fact, a smaller percentage of workers (5 per cent) manage three jobs with multiple employers. Most workers hold multiple jobs in the same industry (68 per cent), with many wanting to leverage their skills in their desired field to maintain consistency in their professional career.

Workers have clearly used a position of desperation to motivate them into picking up extra employment – with a similar trend being experienced globally, as shift workers in both the US and the UK note a greater ability to put money aside after paying for essentials (38 per cent and 37 per cent, respectively).

“Even with high inflation rates and increased living costs, overall sentiment from shift workers on their financial standings is trending upward. This positive sentiment highlights shift workers’ resilience and adaptability to market conditions,” said Emma Seymour, chief financial officer of Deputy.

“Deputy data has observed an increase in poly-employment (having two or more jobs), which may be contributing to more consistent working hours, flexibility in schedule, and overall feelings of financial security. Shift workers are making current economic challenges work for them by coupling together multiple income streams as a means to make ends meet.”

The report noted that the number of shift workers unable to cover their living expenses significantly decreased (from 22 per cent in 2023 to 15 per cent in 2024), highlighting what Seymour was referring to in terms of that positive sentiment.

Although the data shows an increase in financial stability among shift workers in Australia, the report displayed some notable generational differences, with Millennials proving to be the most anxious regarding their finances (38 per cent), closely followed by Gen X (34 per cent).

Of all the generational groups, Gen Z was the least worried about money (28 per cent) despite often being the lost income earners among the other generations.

Finally, the data revealed that 46 per cent find their income to be fairly predictable, suggesting that even when work hours may change, they are generally within a manageable range. At the same time, 14 per cent of Australian hourly workers face income that is not predictable – showing that there are still inconsistent work schedules out there.

This aspect highlights the importance of stable and predictable schedules and the impact they can have on financial stability. Although it has increased, as presented in the data, having stable schedules is imperative – even with poly-employment.