Considering moving to Part Time work? We weigh up the pro’s and cons

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.

Is part time the right choice for you?

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.

Here are some things to consider:

Stay on track financially

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.

What will you do?

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.

Beware two part-time pitfalls

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.

How can we help?

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.