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New research highlights how cost-of-living pressures continue to bite, with pay rises emerging as the most popular option to improve work/life balance.
Global cloud-based legal practice management software provider Dye & Durham Australia has released the results of its October Market Pulse survey, which explored the attitudes of more than 1,600 Australians about the economy, the property market and technology. The survey was conducted by polling outfit Resolve Strategic.
It found, among other things, that Australians would rather have a pay rise than a four-day week or more flexible work-from-home conditions as they continue to battle cost-of-living pressures, expect inflation to remain high, and fear the nation faces recession.
When asked to identify the number one change that could improve their work/life balance, two in five respondents (41 per cent) said they wanted a pay rise.
This was more than twice those who nominated the ability to work a four-day week (17 per cent) and those who wanted more flexible working conditions such as working from home (11 per cent).
Middle-income earners (45 per cent) were the strongest advocates for a pay rise.
The ability to work a four-day week (21 per cent), Dye & Durham outlined, was most popular among high-income earners, but even then, 40 per cent of the demographic nominated a pay rise as the change that could most improve their work/life balance.
Furthermore, and despite economic uncertainty, two in three (64 per cent) employed people said they felt secure in their jobs, marking a drop from 69 per cent in the provider’s June survey, while only 11 per cent said they felt insecure. The number of respondents who were unsure about their job security rose to 25 per cent in October, from 20 per cent in June.
Thirty per cent of respondents, Dye & Durham detailed, believed their finances would improve over the next 12 months compared with only 24 per cent in the June Pulse survey.
Higher-income earners (40 per cent), university-educated (38 per cent), and those with jobs (36 per cent) were the most optimistic that their financial situations would improve over the next 12 months.
Reflecting on the findings, Dye & Durham Australia managing director Dennis Barnhart said the preference for a pay rise over a four-day week or working-from-home flexibility suggested that cost-of-living pressures remained paramount.
However, he added, the survey showed increased optimism among respondents about their personal finances, and this suggested consumer sentiment may be about to improve.
“The findings suggest that the personal financial situations of Australians have been improving since last December 2023, according to the Pulse survey, which indicates that financial pressures could be lifting slightly,” he said.
“Australians, particularly those on better incomes and in paid employment, are becoming more optimistic about their future finances, which could signal the start of a change in consumer sentiment.”
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