South Africans are finding it tough to survive off one income stream

Slashers are not just something out of a horror movie. It's the new term for 'moonlighting', and is used to describe the 'slash' in the job title of someone who is, for example, a journalist/video editor.

According to the research findings of the 2017 Old Mutual Savings and Investment Monitor released, rising prices and an ailing economy are driving some South Africans to work multiple jobs.

This is in order to provide additional income to support their lifestyles (55%), save for a rainy day (45%) and pay off debt (43%).

The annual Old Mutual survey, which tracks the shifts in the financial attitudes and behaviours of working metropolitan households in South Africa, shows that although South Africans continue to save too little, they are resourceful when it comes to overcoming financial challenges.

To delve deeper into this trend, Old Mutual commissioned an additional online survey of 943 working respondents who earn a monthly personal income of R5 000 or more.

The survey found that 37% of this sample were slashers, people who stated that they have some kind of additional sideline business or another job, while permanently employed.

Dr Graeme Codrington, Head Of Intellectual Capital at Tomorrow Today says its not just getting a second traditional job, it is has now become easier for people earn a secondary income, through freelance work at a digital distance.

In that environment, the world is their oyster. People are using the opportunity to get that little bit of income to get them through the week.

Dr Graeme Codrington, Head Of Intellectual Capital at Tomorrow Today

For young people, they are coming out of their studies (if they are lucky enough to have studied), probably with more debt than any other generation has ever started in the workplace says Codrington. He adds that it has become much more expensive to started with life.

Today's parents don't have extra cash to help their kids. We are feeling the pinch in South Africa at the moment.

Dr Graeme Codrington, Head Of Intellectual Capital at Tomorrow Today

Codrington says he is seeing a lot more young people are pursuing entrepreneurship to make an additional income and goes on to say that government should be a great supporter of small businesses to drive the economy.

You can't necessarily disclose to your employer that you have a second job because it will be viewed as using company time to do your extra work.

Eva, caller

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