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A survey by comparison site Finder showed one in four people, the equivalent of 4.8 million workers, have taken on a second job, are working longer hours or even come out of retirement to make ends meet.
The survey of 1078 respondents found that 14 per cent of workers are now toiling longer hours to bring in more cash.
A further 7 per cent – equivalent to 1.4 million people – have gone further, taking on a second job to offset rising costs.
Around 3 per cent of people said they had no option but to take the radical step of coming out of retirement to bolster their finances, the survey said.
A confluence of economic factors has hit household budgets hard.
In an effort to rein in inflation, the Reserve Bank has bumped up the cash rate 11 times times in the last 12 months.
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The latest increase in May added $82 to monthly repayments on a $500,000 loan.
“Living frugally is not enough as paying for everyday basics is becoming an impossible task for many of us,” Finder’s Sarah Megginson said.
“Households are having to buckle down and find ways to increase income as inflation increases the cost of everything from groceries and petrol to energy and insurance.”
Finder’s research also found one in five Aussies are thinking about finding extra work to keep their head above water.
Fastest growing and fastest declining jobs over the next five years
