Job-juggling Millennials balance work, life and economic pressures

Changing workforces and financial pressures are creating new trends in the way we work, how we manage our incomes, and how many jobs we have.

They’re often labelled as lazy, but Millennials are the busiest generation when it comes to juggling multiple jobs.

Almost two million Australians now have a second job, often simply to afford modern lifestyles, new research has found.

Millennials are most likely to double up, with 13 per cent of people aged 24 to 38 having a second job, according to the Finder.com.au study.

Generation Z — aged under 24 — is the second most likely to work two jobs, at 11 per cent of their age group. Nine per cent of Generation Xers (39-58) have second jobs and only 2 per cent of Baby Boomers do.

Finder spokeswoman Bessie Hassan said gone were the days of sticking to one career path.

“It’s become common for people to have a number of careers during their working life and a side hustle is a way Aussies can try out a new job while still earning a steady income,” she said.

Saumya Patel, 23, works in digital marketing with a "side-hustle" as a makeup artist. Picture: David Swift.

“With wage growth slowing down, some might be using a side gig to reach their financial goals, while others could be doing so just to keep afloat.”

Ms Hassan said people with a side business should start small, have a plan to scale it up, remember that their full-time job was the main priority, and declare all income to stay out of trouble with the Australian Taxation Office.

MORE: A new threat hitting online shoppers

MORE: Ten things I did to save a house deposit

MBA Financial Strategists director Darren James said he had seen people with two jobs nominate both for the $18,200 tax-free threshold and then get hit by a big tax bill.

He said managing superannuation was also important — consolidating multiple accounts would save money on fees.

“And manage your budget,” Mr James said. “If you don’t have a budget it’s hard to manage that income from various sources.”

Mr James said there were economic factors affecting younger workers. “Certain occupations offer contracts more than permanent positions,” he said.

“And there’s a lifestyle factor — it gives them flexibility in terms of when they work. Millennials tend to operate around different hours.”

Saumya Patel, 23, works full-time in digital marketing, is finishing a business degree, and last year turned her passion for makeup into a side hustle as a makeup artist on weekends.

“Ever since I was young my father, who has owned his own business for the last 27 years, has always inspired me to start something of my own, anything for which I am passionate about,” she said.

“If not now, I am not sure when I would have started my business. The two jobs keep me busy and teach me new things every day.”

Ms Patel said she aimed to eventually run a large business in the beauty sector.

@keanemoney

MONEY TIPS FOR JOB JUGGLERS

• Don’t get stuck paying fees on multiple super funds.

• Get your tax right. Declare all income and don’t claim the tax-free threshold for more than one job.

• If starting a business, avoid spending big money on it.

• Be aware of burning out — give yourself some personal time.

• Stay on top of all income and expenses.

Originally published as Job-juggling Millennials balance work, life and economic pressures