Did you know almost one-third of workers in Australia work part-time1 and that Australia has one of the highest rates of part-time employment in the world2?
Perhaps you’re returning to work after having a baby, reducing your work days ahead of retirement, want to free up some time to pursue a passion, return to study or you just want a more balanced life? Whatever your reason, it’s not a decision to take lightly.
Before you get excited about working a shorter 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.
What are the benefits of working part-time?
- Enjoy your new lifestyle. You’ll have more time, but don’t waste it! Don’t take on the burden of extra chores - plan how you’ll manage your free time and ensure you get help around the house.
- Get physical! With less time spent on travelling and working, you’ll have more time to devote to getting fit. Get those joggers on and start walking!
- Be your own social network. Take time out to spend with your family, catch up with friends for coffee or take the children, grandchildren or pets to the park.
- Invest time in yourself and others. Take up yoga, join the library, volunteer for community work or visit a sick relative.
- Boost your retirement funds. If you’re planning to retire soon you’ll still be earning an income, and adding to your super.
What else do I need to consider?
- Be realistic about your finances and whether you can afford to earn less income. Work out your budget and calculate whether your new income will stack up against your ongoing expenses, as well as those unexpected purchases, such as a new fridge.
- Even though you’ll be working less days, don’t fall into the trap of working 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.
- Earning less now might have an impact on your super in the future. Use our super simulator to see whether working fewer hours will still allow you to enjoy the lifestyle you want in your retirement.
If you’ve worked out all your finances and you feel you’re ready to move to a shorter working week, then you’re living the dream!
But if you need help to work out whether you can afford to reduce your working hours or income, speak to your financial adviser, call us on 131 267 or find a financial adviser.
Most Australians indicate their biggest life goal is a financial one, but many admit failing to plan is a roadblock.