Australians are working harder than ever before in order to secure a comfortable standard of living but they are sacrificing work-life balance according to a recent survey commissioned by consumer awareness campaign Lifewise.
Lifewise’s recent survey of 1,207 Australians has revealed Australians overwhelmingly value a work-life balance with 76% of respondents recognising it as important to them and their families.
But Australians are sacrificing this work-life balance with 3 in 5 Australians (62%) working extra hours simply to fund their lifestyle.
“As a nation we are not only hard-working but we know how to have a good time after hours. Over two thirds of Australians recognise they work overtime not just because their jobs now require it but because it provides the necessary income to fund various aspects of their lives, such as bills, lifestyle choices and education.
If the main income earner of an average Australian household was unexpectedly unable to work due to illness or injury outside of the workplace, Lifewise found that 76% of Australians would only be able to meet their current expenses for a maximum of 6 months.
“Australians are working harder than ever to fund their lifestyle, yet these findings indicate that the average Australian worker and household is not prepared for the event of income loss and would struggle if the main breadwinner lost their job”, explains Dorber.
Three in five (60%) working Australians stated that the entire household would have to reduce their standard of living in order to cope with the income loss if the main income earner was unable to work.
Significantly, 30% indicated that they would need to rely on government assistance in order to manage their household expenses, and 17% would have to rely on their friends and family for help.
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