Old Mutual recently released its annual Savings and Investment Monitor report, an annual survey that looks at the saving and investment behaviours and attitudes of “metro working South Africans”.
The investment group did a tracking study of trends that emerged, did face-to-face interviews at 1 000 households and had an independent research house conduct a study into the trends.
The report also reveals that about 24% of South Africans have a secondary income from work that’s completely different to their day jobs, while 13% had an additional income that came from similar work.
READ MORE: The habits that hold you back from saving
Some 53% of people with additional incomes would prefer to make a career of their secondary job.
Some of the most popular second jobs, shops or money-spinning hobbies include:
- Selling Herbalife products
- Messenger/Errand Runner
- Event planning
- Selling stationery to schools
- Online boutique
- HR consultancy
- Renting party equipment
- Growing and selling vegetables
- Installing water treatment equipment
- Making costume jewellery
- Manufacturing kiddies clothing
- Selling “flat stomach” tea
- Internet cafe
Looking at the attitudes that South Africans have towards maintaining a secondary job, 63% of the respondents said that they enjoy having more than one job, while 42% said that they don’t have time for more than one job, but need the money.
Some 26% said they find it difficult to manage everything in their lives because of the additional stress of having more than one job; 17% said that having more than one job has impacted their family/personal life negatively, while 14% said they didn’t need a second income.
Some of the reasons that people take on secondary jobs for an additional income include:
- Wanting to live more comfortably
- Saving for a rainy day
- Paying off debt
- Struggling to make ends meet
- Wanting to retire more comfortably
- Having the responsibility of financially taking care of family (parents, siblings etc.)
- Saving to travel
- Saving for children’s education
- Saving to leave something to their children
- Saving to buy a house