Rise in financial confidence among Australian shift workers despite cost of living
Shift workers using poly-employment to gain greater income stability
Shift workers have reported significant improvement in feelings of financial security as the trend of poly-employment continues
Cost of living pressures are easing as shift workers’ ability to cover expenses is improving, according to new data from Deputy. The data - recorded as part of Deputy’s fourth annual State of Hourly Work Survey analysing trends, challenges, and opportunities facing shift workers - includes insights from 1,434 Australians.
The findings reveal the percentage of workers able to cover their living expenses whilst having room for savings increased from 25% in 2023 to 35% in 2024 — highlighting significant improvement in feelings of financial well-being. A similar trend has been experienced globally, with shift workers in the US and the UK noting a greater ability to put money aside after paying for essentials (38% and 37% respectively).
Income predictability bolsters financial confidence
Alongside improvements in the ability to save money, the number of shift workers unable to cover their living expenses significantly decreased (from 22% in 2023 to 15% in 2024). This could be attributed to increased levels of income predictability, with 40% of shift workers having a schedule that provides predictable earnings.
“Even with high inflation rates and increased living costs, overall sentiment from shift workers on their financial standings is trending upward. This positive sentiment highlights shift workers’ resilience and adaptability to market conditions,” said Emma Seymour, CFO of Deputy. “Deputy data has observed an increase in poly-employment (having two or more jobs), which may be contributing to more consistent working hours, flexibility in schedule, and overall feelings of financial security. Shift workers are making current economic challenges work for them by coupling together multiple income streams as a means to make ends meet,” she concluded.
However, while feelings of economic stability improved overall, there are notable generational differences with Millennials proving to be the most anxious regarding their finances (38%), closely followed by Gen X (34%). Having experienced significant economic disruptions, like the global financial crisis, while reaching major life milestones such as buying houses and having children may have contributed to this heightened anxiety.
Despite typically being the lowest earners, Gen Z were less worried about money (28%). This may be due to the fact that a growing number are opting to live at home with their parents for longer.
Workers taking on multiple jobs to better manage financial stability
While almost three-quarters of shift workers (72%) hold only one job with one employer, a significant number (22%) are juggling two jobs (poly-employment) as a means of bringing in additional income.
Of those workers who are poly-employed, 68% hold multiple jobs within the same industry. This indicates shift workers may find it easier to secure supplementary employment by leveraging their existing expertise. This also allows them to maintain professional consistency instead of learning new skills as part of cross-industry job requirements. However, 32% of ploy-employed workers are juggling jobs across different industries, with education being the most common alternative (23%).
Looming AI concerns; Gen Zs most worried about future job prospects
Despite shift workers often lacking access to the technology afforded to office workers, many are concerned about AI's impact on current and future employment opportunities. As such, 66% strongly or somewhat agree that their jobs will change significantly due to AI.
Despite their strong familiarity with technology, Gen Z are most concerned about AI and automation impacting their job security and daily tasks (21%). This is of particular concern in industries like Hospitality (20%) and Healthcare (18%) where certain roles are already becoming automated. However, workers in the Manufacturing sector are the most enthusiastic, with 70% believing AI will aid in their day-to-day tasks.
About the State of Hourly Work Survey
Deputy’s State of Hourly Work report analyses the trends, challenges, and opportunities facing shift workers across Australia. It offers insights for employers, policymakers, and industry stakeholders to foster a more supportive and efficient working environment for hourly employees, who play a critical role in the ANZ region's economy.
Methodology
Deputy partnered with Dimensional Research to conduct the State of Hourly Work Survey.
This report is based on a survey of 1,434 shift workers across Australia. The respondents were selected to represent a diverse cross-section of the workforce, including variations in age, gender, industry, and company size. The survey data was collected through online questionnaires, ensuring participants could provide candid responses comfortably.
Shift Workers in Australia, New Zealand, the United Kingdom, and the United States were invited to participate in an online survey. Various questions were asked about topics such as job satisfaction, financial stability, and skill gaps.
The survey was conducted between June 22 and July 20, 2024. Certain questions were repeated from similar 2020, 2021, and 2023 surveys to enable trend analysis.
About Deputy
Deputy is the global people platform for hourly work. Its intuitive software strengthens employer-employee connection, automates compliance obligations and revolutionises how hourly workers and businesses operate together, creating workplaces that thrive.
Over 330,000 workplaces use Deputy to create better work experience for 1.4 million scheduled workers globally. Visit www.deputy.com, or find us on Twitter, Facebook, the App Store or Google Play for more information.
