Financial stability grows for shift workers in 2024

New data from Deputy's latest State of Hourly Work Survey reveals that feelings of financial stability are improving for shift workers, driven by trends like poly-employment which provide more predictable income.

The survey, which gathered insights from 1,434 Australian shift workers, highlights key trends shaping the future of the shift work economy.

According to the findings, the percentage of shift workers able to cover their expenses while also saving increased from 25% in 2023 to 35% in 2024. This shift suggests a significant improvement in financial well-being among this workforce segment. A similar trend is noted globally, with shift workers in the United States and the United Kingdom reporting a greater ability to save money after covering essentials (38% and 37% respectively).

Improvements in financial confidence also correspond with a notable decrease in the number of shift workers unable to cover their living expenses. This figure dropped from 22% in 2023 to 15% in 2024, likely influenced by higher levels of income predictability. Currently, 40% of shift workers have schedules that provide predictable earnings.

Emma Seymour, CFO of Deputy, commented on the survey findings, saying, "Even with high inflation rates and increased living costs, overall sentiment from shift workers on their financial standings is trending upward. This positive sentiment highlights shift workers' resilience and adaptability to market conditions." She added, "Deputy data has observed an increase in poly-employment (having two or more jobs), which may be contributing to more consistent working hours, flexibility in schedule, and overall feelings of financial security. Shift workers are making current economic challenges work for them by coupling together multiple income streams as a means to make ends meet."

Despite the overall improvement in financial stability, generational differences persist. Millennials are the most anxious about their finances (38%) followed by Gen X (34%). Factors such as experiencing significant economic disruptions like the global financial crisis during critical life milestones may contribute to this heightened anxiety. Conversely, Gen Z, despite being typically the lowest earners, are less worried about money (28%), which could be attributed to many living at home with their parents for longer periods.

The survey also highlighted the prevalence of poly-employment among shift workers. While approximately 72% of shift workers have only one job, a significant number (22%) balance two jobs to boost their income. Of those poly-employed workers, 68% hold multiple jobs within the same industry, leveraging their existing expertise for supplementary employment. The remaining 32% juggle jobs across different sectors, with education being the most common alternative (23%).

Another focal point of the survey was the impact of artificial intelligence (AI) on job security. Regardless of their limited access to technology compared to office workers, many shift workers expressed concerns about the effect of AI on their employment prospects. A total of 66% of respondents strongly or somewhat agreed that their jobs would change significantly due to AI. Among the most concerned are Gen Z workers, with 21% worried about AI and automation impacting their job security and daily tasks. These concerns are particularly prevalent in the hospitality (20%) and healthcare (18%) sectors, where some roles are already undergoing automation. On the other hand, employees in the manufacturing sector are more optimistic, with 70% believing that AI will benefit their day-to-day tasks.

The State of Hourly Work Survey offers valuable insights into the evolving landscape of shift work, revealing how workers are adapting to economic pressures and technological advancements. The findings underscore the resilience and adaptability of the shift work segment amid challenging circumstances.