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How young Australians are bolstering their funds with side gigs

PEDSTRIAN.TV has partnered with Money by Afterpay to help you make sense of your money story.

We love a sticky beak. Particularly when it comes to money. It’s such a tricky thing to tackle, that it’s avoided altogether, instantly overshadowed by something less controversial, or danced around in loose terms. Which only makes us want to gossip even more. We keep our own money so steeped in ~mystery~ that it makes us absolutely thirsty for everyone else’s deets.

But we should not hide money in darkness. We need to learn our own money stories and habits in order to master them and keep moving towards a positive future. Which is basically a nice way of saying we’re going to be very curious about you.

We asked a group of young Australians to confess how they make their money. Which, after the merry-go-round of madness we have been experiencing for two years, is all the more intriguing. Are young Australians working full time after the pandemic? Did they take a side-gig wild? We have it all figured out.

We polled our audience and Money by Afterpay to get some insight into the big picture. Cop a load of this:

  • Full-time work is your main source of moolah right now (62%)
  • 13% of you work part-time
  • 14% of you work occasionally
  • 11% are currently unemployed
  • 56% of you have done something on the side to make money

If that huge group of young Australians jumping on the train next door made you want to get on too, that’s fine. We like to be part of the majority, hey.

If you’re going to be juggling between work and a side gig, you need to keep track of everything going in and out. An additional stream of income means you have to be very diligent. With additional side gigs underway post-pandemic, Australia’s tax authorities have warned they will be on the hunt for undeclared second earners. Keep everything under control to avoid getting in trouble. Stay on top of what’s coming in and going out of your accounts with an app like Money by Afterpay.

So if you also want to boost your bankroll a bit but aren’t sure where to start in the world, check out what some of your peers are up to below.

Build on those digital skills

If I had had a dollar for every time I had to (not so) patiently explain to my mom the difference between a tab and a window on her computer, my god, I could have had one hell of a weekend in the NSW region now.

Seriously, as a digital first generation, a lot of things come more naturally to us than we think. While obviously you need to get a bit more advanced than tabs against windows, you might just have the right number skills under your belt to do a little more dosh.

In a report 2021 in the shadow economy, proofreading and editing, 3D and 2D modeling, animation, web design, SEO services (search engine optimization), video editing, social media advertising and blogging services have all won top ten secondary gigs in Australia. Money talks, my friends. And it screams in the digital world.

In a more general sense, we bet your digital savvy could come in handy for something as simple as an Airtasker request from an alum who needs a little computer help. And you might as well make a nice bird’s day, while you’re at it.

Digital development

Add some extra skills to your arsenal

As a digital native who knows the difference between a Google search and a Facebook status, you’re already one step ahead of many, many people. However, that doesn’t mean you couldn’t learn a thing or two. There are countless websites offering courses to help you maximize your digital knowledge. From coding to editing, some even give you the qualifications to land a full-time tech job if you’re bored of your current nine-to-five.

In 2022, the great resignation is a very real thing. People are reassessing their values ​​and what the job means to them. With many workplaces shifting to flexible working from home, flexibility has become a bargaining chip that many businesses cannot afford. Instead of returning to stuffy offices, Gen Z is finding new avenues such as virtual assistants.

Passion projects

Our surveys have shown the wide variety of creative endeavors that young Australians have pursued to earn extra money. From handmade embroidery to photography, you are a whole lot of talent.

And it’s common too. According to more to research business in 2021, flexibility (52%) and willingness to turn passion into profit by monetizing skills or hobbies (33%) influence Gen Z’s career choices.

So if you’ve been trying ceramics for fun lately, keep going because you might eventually start charging those bad boys.

Monetize leisure

Get started in investing

If you feel like everyone is talking to you about investing right now, this hell check it out. Research shows that more than one in three Australians invest in the stock market, with Millennials (46%) and Gen Z (42%) the most likely to do so.

Millennials_GenZ Invest IllustrationWith a stack of investable digital apps on the scene these days, with low cost entry into the market, it’s no wonder young Australians are throwing their dollars in the ring. In short, investing in stocks is putting your money on the odds of compound interest which sees the value of your investment increase or accumulate over time. If you play the long game and set aside a little nest egg for your future sexy self, you’re in for a little treat.

Investment illustration

sell things online

In a recent report where Australians surveyed already had a side gig or were planning to start one, 37% chose to sell stuff online. Whether it’s finding a new home for clothes on Depop or refurbishing old furniture to then resell on Facebook Marketplace for a pretty penny, it’s worth looking into.

Selling Things Illustration

It feels good to get a glimpse of how others are doing it, huh? If you’re getting into the side gig game, try one of the above for size. Either way, keep talking about money with your friends – it helps us all!

Please note that this information is general in nature and should not be construed as financial advice. Money by Afterpay is a product of Afterpay Australia Pty Ltd (ABN 15 169 342 947, AFSL 527911) with accounts and debit cards issued by Westpac Banking Corporation (ABN 33 007 457 141, AFSL 233714). The T&Cs apply.

Picture: Brooklyn Nine-Nine

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