New generations juggle multiple jobs

THEY’RE often labelled as lazy, but Millennials are the busiest generation when it comes to juggling more than one job.

Almost two million Australians now have a second job, often simply to afford modern lifestyles, new research has found.

Millennials are most likely to double up, with 13 per cent of people aged 24 to 38 having a second job, according to the Finder.com.au study.

Generation Z – aged under 24 – is the second most likely to work two jobs, at 11 per cent of their age group. Nine per cent of Generation Xers (39-58) have second jobs and only 2 per cent of Baby Boomers do.

Finder spokeswoman Bessie Hassan said gone were the days of sticking to one career path.

“It’s become common for people to have a number of careers during their working life and a side hustle is a way Aussies can try out a new job while still earning a steady income,” she said.

“With wage growth slowing down, some might be using a side gig to reach their financial goals, while others could be doing so just to keep afloat.”

Ms Hassan said people with a side business should start small, have a plan to scale it up, remember that their full-time job was the main priority, and declare all income to stay out of trouble with the Australian Taxation Office.

MBA Financial Strategists director Darren James said he had seen people with two jobs nominate both for the $18,200 tax-free threshold and then get hit by a big tax bill. He said managing superannuation was also important, and consolidating multiple accounts would save on fees.

“And manage your budget,” Mr James said. “If you don’t have a budget it’s hard to manage that income from various sources.”

Saumya Patel, 23, works fulltime in digital marketing, is finishing a business degree, and last year turned her passion for make-up into a side hustle as a make-up artist on weekends.

“Ever since I was young, my father, who has owned his own business for the last 27 years, has always inspired me to start something of my own – anything for which I am passionate about,” she said.

“The two jobs keep me busy and teach me new things every day.”

Ms Patel said she aimed to eventually run a large business in the beauty sector.