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Half of people in Australia planning to look for jobs with higher salaries as people cut spending on discretionary items.
Workers in Australia are looking for new jobs, asking for extra shifts, and switching to cheaper brands as everyday expenses eat up a bigger chunk of their paychecks, new research released today from Qualtrics shows.
Drawing on insights from 1,020 full- and part-time workers in Australia, the study revealed 51 per cent of respondents say it is harder for them to pay their current living expenses compared to 12 months ago.
A third of respondents (32 per cent) 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 this year, the Qualtrics findings provide insight into some of the measures people across the country are adopting in response to the financial challenges faced.
Increasing incomes and cutting expenses
In efforts to increase their take-home pay, 59 per cent of workers in Australia want the opportunity to work overtime or extra shifts, and 51 per cent have or are planning to speak with their employer about their salary. Outside of their current job, 53 per cent have looked or plan to look for jobs with higher salaries, and 49 per cent 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, people in Australia said they are spending less on discretionary items and activities, such as dining out (51 per cent are spending less), food delivery (49 per cent) retail and entertainment (47 per cent), and travel (41 per cent).
Many respondents also said they have switched to cheaper brands for staple and essential products (44 per cent), and discretionary items (32 per cent) in the past 6 months.
Price (76 per cent) is the factor most influencing purchasing decisions right now, followed by product quality (60 percent), convenience (31 per cent), and brand reputation (26 per cent).
“In the current macroeconomic environment, knowing what matters most to employees and customers is mission critical for every organisation.
“By understanding people’s 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 and retain talent, and mitigate risk,” Dr Crissa Sumner, Employee Experience Solution Strategist, Qualtrics said.
Working parents are especially strained
Parents are feeling the pressure even more.
Nearly two-thirds say they are planning or have looked for a new (61 per cent) job or salary (61 per cent), and 68 per cent want overtime or extra shifts to increase their pay.
Parents are also more likely to have considered a second job.
This study was fielded from August to October this year.
Respondents were selected from a randomised 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.
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