If you’re a full time worker you may at some point consider joining the multitude of Aussie part-timers, and having more time to do what really matters to you.
Perhaps you’re a parent who wants more time to spend with your family, an executive who wants to put an end to long hours at the office or maybe you’re working your way towards retirement and just want more balance in this time of your life with a focus on more fun and less work.
You’re in good company. Over 35% of the Australian workforce are in part-time positions, temporary roles, or are self-employed. Australia has one of the highest rates of non-fulltime workers in the world, and many of them earn more per hour than their fulltime colleagues.
Changing the way you work is a big decision. The idea of a shorter week and more time to do the things you really want to do are appealing. But part-time work comes with it’s pro’s and con’s.
Work out whether you’ll be able to afford to live on less income per pay check, and weigh up if you’ll need to make any lifestyle cuts. Tally your ongoing expenses and be sure to earn more than you need so you’ll be able to stay ahead financially and put some money away for savings and any unexpected costs.
If you’re cutting your hours on the job you’re likely to receive less income, but it doesn’t stop there. Your employer super contributions will also reduce so you’ll need to plan ahead and make sure your decision to go part time won’t affect your retirement financial position.
Working part time means you’ll have more time and a relatively new lifestyle. This may be welcome news and an exciting prospect, but before you have extra time on your hands, work out exactly how you’ll spend your time. That way you’ll set up good habits and routine from the get go and be able to make the most of the extra time you have.
Some part-time workers say that even though they work less often, their workload doesn’t reduce. So make sure that if you’re cutting your days from five to four you don’t end up doing the same amount of work and just working longer days.
And according to research, a part-time worker can be less likely to receive a promotion or training opportunities because they’re seen as less committed than their full time colleagues.
Start a conversation with us before taking the plunge into part time work. We can help you make the most of your money and make sure you’re setting yourself up for a sustainable future so you have more time to do the things that really matter to you.
You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Sensibly Pty Ltd and its authorised representatives (or credit representatives) do not accept liability for any errors or omissions of information supplied on this website
Nick Shanley, Steve May, Luke Styles and Shanley Financial Planning T/A Steve May Financial Services are Authorised Representatives / Corporate Authorised Representative of Sensibly Pty Ltd, AFSL 533923. Please refer to our website at www.stevemayfs.com.au to reference our Financial Services Guides.
Shanley Financial Planning Pty Ltd trading as Steve May Financial Services (ABN 19 612 825 180) is a Corporate Authorised Representative of (1265706) of Sensibly Pty Ltd (AFSL 533923)
Nick Shanley, Steve May and Luke Styles are Authorised Representatives of Sensibly Pty Ltd (AFSL 533923)