September 6th 2024.
A growing number of Australians are finding themselves juggling multiple jobs in order to make ends meet. While it may provide some temporary financial relief, experts are warning of potential pitfalls that could eat away at the extra income earned. Zach Simmons, a 23-year-old resident of Melbourne, is one of the nearly one million people in the country holding down more than one job.
Simmons' primary source of income is his job as a barista and waiter at a local cafe, but he also supplements his earnings by bartending on Saturdays and pursuing modeling as a hobby. He shared with 9News Melbourne that he loves working at the cafe because it's a small business, but he also enjoys the change of pace that comes with tending bar and pursuing his passion for modeling. While some people may feel overworked by taking on multiple jobs, Simmons feels fortunate to have three that he genuinely looks forward to.
According to new data released by the Australian Bureau of Statistics, approximately 961,000 Australians are holding down more than one job. This represents an increase of over 215,000 people in the last five years. However, as the number of people with multiple jobs rises, so does the number of Australians with more than one superannuation account. In fact, the number has grown to four million, and this is where the potential problems come in.
Kelly Power, CEO of Colonial First State Superannuation, cautions against having multiple superannuation accounts, as it can end up costing individuals their hard-earned money. With each account comes multiple fees, insurance payments, and the possibility of missing out on investment returns. Power estimates that by the time someone retires, they could end up losing up to $20,000 due to having multiple accounts.
To avoid this loss, Australians are being urged to check the MyGov website to see if they have multiple superannuation accounts and consolidate them into one. This simple step can save individuals a significant amount of money in the long run. Stay informed about the latest breaking news, celebrity updates, and sports news by following our WhatsApp channel. No need to worry about pesky comments or invasive algorithms, and your private details are safe with us.
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