Old Mutual has published its latest savings and investment monitor, highlighting how many people are still working from home due to the Covid-10 lockdown.
The monitor was conducted through an online survey, with a minimum income threshold of R8,000 and above considered.
The data shows that more than half (56%) of respondents are now working from home at least some of the time, with younger respondents more likely to split their work between home and another location.
This is because they are more likely to have multiple jobs or income streams. As would be expected it tends to be higher earners who are able to work from home.
Old Mutual also asked respondents if they felt that their work/life balance was better or worse now compared to life before the Covid 19 pandemic.
“What is worth noting is the correlation between reported improved work/life balance and working from home,” Old Mutual said.
“41% of those who work from home all or most of the time report a better balance now.
“However, it doesn’t work for everyone and 22% (so one in 5 home-based workers) feel that their work/life balance has deteriorated.”
One of the strong themes that arises out of the 2021 results is the growing awareness of the need for multiple income streams, Old Mutual said.
“As consumers have seen businesses fold under the strain of Covid 19, and seen friends and family retrenched or themselves experiencing this, so the desire for income security is heightened.
“It is not only greater awareness; however, many are acting on this and have developed multiple and diverse income streams.”
Old Mutual said that these take many forms, from a business or craft completely unrelated to their main job to other side hustles, second jobs or extra freelancing and contract work.
“This Poly-jobbing is very much a younger person’s game, driven no doubt to some extent by the realities of youth unemployment which has forced young people to innovate and find a way past the absence of good full-time positions.
“That said, one in five 50+ year olds have multiple income streams,” Old Mutual said.