Aussie workers are looking for new jobs, asking for extra shifts, and switching to cheaper brands as daily expenses eat a bigger chunk of their paychecks, new research by Qualtrics. Drawing on insights from 1,020 full- and part-time Aussie workers, 51% of respondents say it is harder for them to pay their current living expenses compared to 12 months ago.
A third of respondents (32%) said the current economic climate will impact their spending habits for more than a year. With inflation in Australia expected to peak in the December quarter of 2022, the Qualtrics findings provide insight into some of the measures people across the country are adopting in response to the financial challenges faced.
How are they increasing incomes and cutting expenses?
In efforts to increase their take-home pay, 59% of workers in Australia want the opportunity to work overtime or extra shifts, and 51% have or are planning to speak with their employer about their salary. Outside of their current job, 53% have looked or plan to look for jobs with higher salaries, and 49% have looked or plan to look for a second job.
Findings that mean around half of people living in Australia have considered holding multiple jobs or leaving their current one to pay for their living expenses. Faced with rising costs, Aussies said they are spending less on discretionary items and activities, such as dining out (51% are spending less), food delivery (49%) retail & entertainment (47%), & travel (41%).
Many respondents also said they have switched to cheaper brands for staple and essential products (44%), and discretionary items a third (32%) in the past 6 months. Price (76%) is the factor most influencing purchasing decisions right now, followed by product quality (60%), convenience (31%), and brand reputation a quarter of the respondents (26%) .
“In the current macroeconomic environment, knowing what matters most to employees and customers is mission critical for every organisation. By understanding peoples’ needs, businesses and governments can deliver products, services, and support that positively impacts the people they serve, which will ultimately help them find and keep customers, attract & retain talent, & mitigate risk,” said Dr Crissa Sumner, EX Solution Strategist, Qualtrics.
How strained are working parents?
Parents are feeling the pressure even more. Nearly two-thirds say they are planning or have looked for a new (61%) job or salary (61%), and 68% want overtime or extra shifts to increase their pay. Parents are also more likely to have considered a second job.
|All respondents||Respondents that are working parents||Respondents that do not have children||Working mothers||Working fathers|
|Have looked for a new, higher-paying job||53%||61%||44%||59%||62%|
|Have spoken to my employer about salary||51%||61%||52%||53%||63%|
|Have looked for a second job||49%||57%||40%||54%||59%|
|Want overtime or extra shifts||59%||68%||50%||59%||72%|
This study was fielded in August-October 2022. Respondents were selected from a randomized panel and considered eligible if they live in Australia, are at least 18 years of age and working full-time. The total number of respondents was 1,020 respondents.