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Around two-thirds of home owners with a mortgage have started or are considering a second job or hobby business to help with repayments, analysis reveals.
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Cost-of-living crisis spurs ‘side hustle’ culture: Great Southern Bank
09 September 2024
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Recent research by the Great Southern Bank (GSB) showed Australian consumers are looking for ways to get ahead of persistent cost-of-living pressures.
The GSB ‘No Place like Home’ report revealed consumers are confident in achieving long-term financial goals and aim to keep home ownership in sight by making well-informed financial choices.
The conducted survey found Australia is becoming a nation of “side hustlers” as people are looking for alternative ways to make money to meet financial commitments.
GSB said 64 per cent of Australians said their financial plans have been set back by 12 months due to the economic climate.
However, the ‘setback’ hasn’t been negatively viewed in terms of achieving long-term financial goals.
There are signs of optimism and innovation, particularly from younger Australians according to the report.
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GSB indicated Australians are “side hustlers” as 67 per cent of home owners have started or are considering a side hustle, hobby business, or a second job to help manage home loan repayments.
Results demonstrated Millennial home owners are the largest demographic considering alternative jobs and hobbies to make extra cash.
Forty per cent of Millennial home owners said they will start a side hustle, 11 per cent said they will establish a small business, and 21 per cent said they will likely start a second job.
GSB chief customer officer Megan Keleher said it is refreshing to see such positive attitudes among the community despite economic challenges.
“The No Place like Home report shows continued hope and resilience among Australian home owners, despite current financial and economic pressures,” she said.
“It’s encouraging to see that they are using their entrepreneurial spirit to think about ways to boost their incomes and stay focused on paying off their home.”
It is not a surprise people are turning to alternative avenues of making money, Keleher said.
“We know many small-business operators are also home owners, so it is not surprising more Australians are considering side hustles or ideas for their own business,” she said.
“We want to help support their aspirations for business growth, financial security and ultimately home ownership and recognise they are sometimes overlooked by the bigger banks.”
The report also found parents are choosing to let their adult children live at home for longer to help with the cost-of-living crisis.
According to results, 39 per cent of ‘Baby Boomers’ who have adult children at home said they are happy for them to stay indefinitely.
Fifty-eight per cent of parents with children at home said they believe their children will be capable of buying a house between the ages of 26 and 35.
It was also found one in 10 home owners said they will downsize in the future to contribute to a deposit for their children to help them achieve home ownership.
In the past two years, 7 per cent of Australians have moved back in with family or have had adult children move home, according to GSB.
Keleher said as well as second jobs, home owners are also looking to help family members.
“More than before, we’re seeing would-be home owners looking for ways to save money and achieve their financial goals, even if it means taking a longer-term view,” Keleher said.
“Our research confirms many home owners also want to be in a position to help their family members have the long-term financial security that home ownership brings.”
GSB said it is likely this attitude towards side hustles and home ownership is likely to persist until economic relief is felt by the Australian community.
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