Like it or not, we’re all working the worst part-time job ever

Between day-to-day cost-of-living expenses, record-high rents and mortgages, an unstable global economy and shaky job prospects for young adults, it’s not surprising to learn that people now dedicate a lot of brain space to thoughts about money.

If we’re anything like Americans, who according to one recent study spend four hours a day on average thinking about money, we’ve turned our obsession into a part-time job. Except this one leaves you mad, sad, stressed out and feeling uncertain – arguably the worst part-time gig of all time.

While inflation has begun to ease since its peak in 2022, there’s still plenty keeping people up at night.Credit: Simon Letch

Put another way, those four hours a day equal almost 61 days over the course of a year. That’s two months of the year in which finance consumes our every thought, 24/7.

This preoccupation with money isn’t just a problem for young people, either. Research from Empower found that more than half of adults (54 per cent) across all age brackets not only spend more time thinking about money than they did last year, but a quarter of people (24 per cent) now check their bank balances at least once a day.

While Gen Z spends the most time thinking about the topic, at an average of 4.82 hours a day, Millennials dedicate 4.73 hours to it. Gen Xers get an hour’s reprieve at 3.74 hours a day, while Boomers spend 2.4 hours. But even with that drop, the fact that anybody in any age bracket is so consumed by such an issue is sobering.

Before the federal election in May, VoteCompass polling found that action on the cost of living was the single most important issue across all age demographics – it sat 2.2 times ahead of the second-most important issue: the economy and finance.

Having spent decades working, paying taxes, raising families and contributing, this should be the time of life where you can rest easy.

Australian National University data published last year expands on why this issue is so enduring, with 45.3 per cent of people saying they are “coping” in their current situation, 22.9 per cent saying they are struggling, and a further 11.3 per cent reporting that their financial reality is “very difficult”.

That only one in five Australians said they were living comfortably is unsurprising given that financial stress jumped from being experienced by 17.1 per cent of people in November 2020 to 34.6 per cent by January 2024.

The ANU study found that the most common changes Australians have made to try and save money have been cutting back on groceries and essentials, delaying major purchases and cutting back on non-essentials.

While inflation has begun to ease since its peak in 2022, there’s still plenty keeping people up at night.

For Gen Zers, it’s staring down university fees that now average almost $15,000 a year and entering into a quickly evolving and increasingly uncertain jobs market.

While easily the most technologically savvy of all generations, having grown up with devices and advice at their fingertips thanks to social media and the ability to check in to banking and investment apps, all of that easy access to financial information is clearly a double-edged sword.

For millions of Millennials trying to get onto the property market while housing prices are at all-time highs, the issue is literally keeping them up at night, with 44 per cent reporting lost sleep over income stagnation, the cost of living, debt and not having enough emergency savings stashed away.

That the majority of Gen Xers say the most common time of day they think about money is between 8pm and 11pm makes sense because these hours coincide with the workday and house duties being done, and the kids being in bed.

And again, while it would be easy to say Boomers have it easy by comparison, losing a mere 36.5 days a year rather than the longer hours lost by their younger counterparts, does anyone really think it’s OK for people of retirement age to lose sleep over money?

Having spent decades of their adult lives working, paying taxes, raising families and contributing, surely this should be a time to rest easy.

Yet, according to recently published data from the Household, Income and Labour Dynamics in Australia survey, that’s not happening. Despite having greater wealth and better living standards than ever before, more Australians are delaying their retirement due to financial worries.

Herein lies the real problem with this issue. While concerns consuming people may differ across generations, once you start to worry it can become all-consuming, playing like a record on repeat. Unfortunately, our bodies don’t know the difference between the topics we’re consumed by. Stress registers as stress, no matter the particular strain or flavour.

It also takes away from our capacity to care about other issues. For example, before this year’s election, polling showed that while climate change, healthcare, public security and government operations were front of mind for many in 2022, three years later, such topics had fallen substantially down the list of importance.

If this is the headspace you find yourself in now, one of the simplest and fastest ways to slowly shift your attention is to go through your budget and spending and conduct an audit of your incomings and outgoings.

You can also delete financial apps from your phone, or place a curfew on them to avoid looking at them before bed. And, if you’re feeling overwhelmed, ask for help – or at least let somebody know how you’re feeling.

Because even if you are someone who now has the part-time job from hell, that doesn’t mean you have to keep it.

Victoria Devine is an award-winning retired financial adviser, bestselling author and host of Australia’s No.1 finance podcast, She’s on the Money. She is also founder and director of Zella Money.

• Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their personal circumstances before making any financial decisions.

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