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Cost of living: 77 per cent of Aussies eye side hustle to make ends meet

·News Reporter
·3-min read
Man's hands putting Australian bank notes in wallet; Man driving Uber due to cost of living crisis
Australians are increasingly seeking additional ways to earn extra money as the cost of living soars. (Source: Getty)

More than three-quarters of Aussies are willing to take on a side hustle to supplement their income, as they feel the pinch of the rising cost of living, new research has revealed.

The survey, conducted by YouGov on behalf of peer-to-peer vehicle-sharing platform Car Next Door, found three in five Aussies were finding it difficult to cope financially due to the rising cost of living.

Meanwhile, three in five Aussies admitted to curbing non-essential spending to help keep costs down, with people forgoing restaurants, meals out, online shopping and TV subscriptions.

A quarter of people also said they would not use heating in their homes this winter, in a bid to keep costs down.

With the Consumer Price Index (CPI) rising 6.1 per cent over the 12 months to June 2022, Australian families and households are using creative means to stay afloat.

Key findings

  • 41 per cent of Australians said their discretionary income had decreased in the past 12 months, with 23 per cent saying it had decreased significantly

  • 60 per cent of Australians said they found it hard to cope with inflation

  • 58 per cent had resorted to curbing non-essential spending to cope with cost-of-living expenses

  • 24 per cent of Australians said they would not use heating in winter

  • 77 per cent of Australians were interested in taking on a side hustle in the next 12 months to make additional income, with 27 per cent saying they were very interested

  • 33 per cent of Aussies said they were open to renting out their car, van or ute to make additional income

6.8 million Aussies finding ways to make extra cash

Meanwhile, a national survey by Finder revealed that around 6.8 million Aussies were finding news ways to make extra cash.

One in seven Aussies had been selling their second-hand belongings, including clothing and furniture.

Almost 10 per cent of people had started investing in shares, while 8 per cent had taken on second jobs and started a business on the side to make ends meet.

Investing in cryptocurrency and freelancing were also popular among Australians struggling with rising costs.

The research followed recent Australian Bureau of Statistics (ABS) data which revealed more than 9.6 million people were earning below the national median income of $805 per week, or earning no income.

According to Car Next Door, one in three Australians who participated in its survey said they were open to renting out their cars, vans or utes to boost their cash flow.

The company said it had seen a 148 per cent increase in cars listed on the platform compared to the same time last year, and had paid more than $60 million to car owners in the country since its inception in 2012.

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