Shift workers have reported significant improvement in feelings of financial security as the trend of poly-employment – having two of more jobs – continues.
While almost three-quarters of shift workers (72%) hold only one job with one employer, a significant number (22%) are juggling two jobs as a means of bringing in additional income.
The findings come from Deputy’s fourth annual State of Hourly Work Survey, which analyses trends, challenges, and opportunities facing shift workers, and includes insights from 1,434 Australians.
The report reveal the percentage of workers able to cover their living expenses whilst having room for savings increased from 25% in 2023 to 35% in 2024 — highlighting significant improvement in feelings of financial well-being.
Emma Seymour, CFO of Deputy says 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,” she said.
“Deputy data has observed an increase in poly-employment, 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.”
Of those workers who are poly-employed, 68% hold multiple jobs within the same industry. This indicates shift workers may find it easier to secure supplementary employment by leveraging their existing expertise. This also allows them to maintain professional consistency instead of learning new skills as part of cross-industry job requirements. However, 32% of ploy-employed workers are juggling jobs across different industries, with education being the most common alternative (23%).
Alongside improvements in the ability to save money, the number of shift workers unable to cover their living expenses significantly decreased (from 22% in 2023 to 15% in 2024).
The survey also found notable generational differences with Millennials proving to be the most anxious regarding their finances (38%), closely followed by Gen X (34%).
Despite typically being the lowest earners, Gen Z were less worried about money (28%). This may be due to the fact that a growing number are opting to live at home with their parents for longer.
