A new study reveals many of us aren't earning enough to keep up with our regular financial commitments with pay-day loans becoming increasingly common. But many people are also looking for non-financial benefits as they seek to better balance their work and personal lives.
The survey, administered by YouGov Galaxy on behalf of Employment Hero received responses from 1,001 full and part time working Australians.
Among the key findings were that 52% of respondents admit to having difficulty meeting financial commitments, with power bills and credit card balances causing the greatest problems. And according to survey over 2.5 million workers have taken out a payday loan to meet these financial demands.
Millennials lead the way with payday loans, with over a third taking out a loan, compared to 26% of Gen X and one-in-ten Baby Boomers.
While money remains a critical factor in choosing a new job, the survey found many workers want added benefits that help them to save money on things like groceries, petrol and gym memberships. Mental wellness initiatives, like counselling and wellness policies also appeal to many workers.
This is something I've been seeing and hearing from many people. There's an increasing priority being put on lifestyle as people seek to balance their work and personal lives. That means finding time for family and recreation. And while there is salary pressure as more people work in the "gig economy" and part-time and casual work is becoming more common, workers are realising there are other ways they can be "paid" other than with money.