If you've been thinking about cutting back your work hours, there are things to consider before taking the leap.
Did you know almost one-third of Aussie workers work part-time and that Australia has one of the highest rates of part-time employment in the world1?
Perhaps you’re trying to juggle work with study, taking care of older family members or children, want greater work-life balance, or are looking to reduce your work days ahead of retirement. Whatever your reason, moving to part-time work does come with considerations.
Before you get excited about a shorter work week, you need to think about whether it’s the right decision for you. Here are some things to consider, as well as some potential traps to avoid.
Some of the benefits of part-time work
- Your new lifestyle. You’ll have more time, but don’t waste it by just adding extra chores to your list. Plan how you’ll manage your free time, so you can do the things you enjoy.
- An ability to improve your mental and physical wellbeing. With less time spent travelling to work, you’ll have more time to devote to your health and fitness.
- More time to be social. You can take more time out to spend with family, friend and pets, whether that’s over a nice meal or trip to the park.
- Opportunity to continue boosting your retirement funds. If you’re planning to retire soon you’ll still be earning an income, which means you could continue to add to your super.
What else do I need to consider?
- Your finances and whether you can afford to earn less. Work out your budget and calculate whether your new income will stack up against your ongoing expenses, as well as any unexpected purchases.
- That you won’t fall into the trap of working less days but longer hours. If you’re moving from five days a week to three, you need to make sure your workload fits into your new timeframe.
- Whether earning less could impact your retirement savings. Consider whether working fewer hours will still allow you to enjoy the lifestyle you want in your retirement.
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