Aussies look to side hustles to tackle cost of living pressures
Whether it be mowing lawns, selling old clothes or renting out vehicles, Aussies are aiming to combat cost of living pressures by taking on another job.
New research from peer-to-peer car sharing platform Car Next Door revealed 77% of Australians are looking to take on a side hustle in the next 12 months to ease cost of living pressures.
The survey conducted by YouGov across 1,072 Aussies aged 18 years and older, detailed 41% have taken a hit to their discretionary income in the past 12 months, with 23% experiencing a significant decrease.
This comes despite the latest ABS wage growth data revealing the annual rate of wage growth sits at 2.6%, marking the highest rate of annual wages growth since 2014.
The rate of annual wage growth is cancelled out by the rapid rise in inflation, with real wages instead going backwards.
AMP Economist Diana Mousina said while wages growth is rising, it is occurring slowly which means that real wages growth has fallen as inflation has outpaced wage prices.
“Real wages growth is down by 3.5% over the year – no wonder consumer sentiment has tanked to recession-like levels,” Ms Mousina said.
To combat these pressures, the number of Aussies working multiple jobs and turning to side hustles continues to grow annually.
Data published by the ABS for the March quarter revealed 857,900 Australians hold multiple jobs with that number growing an additional 51,600 or 6.4% compared to the same period a year ago.
Car Next Door founder Will Davies said there has been a huge spike in car listings on Car Next Door, which is no surprise given the increasing cost of living.
“Savvy Aussies are effectively supplementing their income by renting their car out on the platform, which is great for their pocket, and great for borrowers who want to avoid the financial and environmental cost of car ownership,” Mr Davies said.
The Car Next Door platform allows vehicle owners to rent their car, van or ute out when they are not using it, through Car Next Door’s app.
Car Next Door detailed nationally there has been a 148% increase in cars listed on the platform compared to the same time last year.
Further, 33% of Aussies say they are open to renting out their vehicle in the near future to make additional income.
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Special offer: Savings Accelerator (Kick Starter offer).
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