New Zealand research supports global shift in workforce

New Zealand research supports global shift in workforce.

Research undertaken on behalf of WooHoo NZ Tax Refunds supports the global trend of more people working multiple jobs and adjusting to this ‘insecurity.’

“We’ve been watching this trend with interest and wanted to know more,” says Cilla Hegarty, CEO WooHoo NZ Tax Refunds.

“Our own research shows that 93% of our customers have overpaid their income tax in the last five years and are owed a tax refund. A stark contrast to some independent research that showed three quarters of the respondents did not think they would get a tax refund. People really should really apply to see if they have a tax refund. Our own stats clearly show that there is a significant majority of the population that potentially have millions of dollars owed to them. We wondered though what the impact was of more and more Kiwis working multiple jobs, being on contract or being in part time employment, who often have over paid tax, and if this was adding to their stress and anxiety?” she said.

“Following Money Week seemed like a good time to get people talking about this. There’s no better time to get people thinking about their financial literacy and the flow on to income, tax and employment trends,” said Ms Hegarty.

“The WooHoo Income Insecurity Index is a way of putting meaning around this change in the workforce and will hopefully help shape future policy around income tax, employment legislation a and labour conditions, said Ms Hegarty.

The research revealed that:
· 50 % of full time temporary employees believe they may lose their job in the next 12 months.

· 34% of respondents in households earning under $25,000 a year said they were ‘moderately anxious’ or ‘very anxious’ about their income.

· 33% of respondents working more than one job had a sense of anxiety about income.

· 79% of respondent aged 18-24 were not anxious about their income even though they are more likely to be changing jobs in the next 12 months.

Distinguished Professor Paul Spoonley, Pro Vice-Chancellor, Humanities and Social Sciences Massey University is an expert on the changing world of work. He’s shared his insights on this more ‘precarious’ demographic and the economic impact for New Zealand.

According to Professor Spoonley, in New Zealand up to two thirds of employment is classed as casual, part time or contract.

“Research shows that there is a shift in how people are working in contemporary New Zealand with a lot more involved in non-standard work contracts and conditions. We’re seeing a significantly changing world of work as the economic and the labour market keeps adjusting to a modern global economy. How precarious are they really and what does this mean for them and for the New Zealand economy?” says Professor Spoonley.

According to Professor Spoonley the work experience of younger New Zealanders is proving to be very different from that of their parents and grandparents. They tend to change jobs frequently, more of them have delayed their entry into work because of tertiary education and training, and more of them have struggled to get a start in full-time employment. Some are comfortable with this new way of working while others struggle. It has led to very different experiences and attitudes towards employment security.

Ms Hegarty said, “The WooHoo Income Insecurity Index is just baseline research, we aim to repeat this in future years so we can build a better picture and even more helpful comparison trend data around the Income Insecurity Index and how this may impact on employers and the New Zealand economy. Employee loyalty, pay demands, perks will all be significantly impacted as the trend continues.”

Undertaken by Research First the research was done in September 2014 as a random telephone survey of 407 participants with a margin of error of +/-4.8%. More information is here: https://www.nztaxrefunds.co.nz/income-index

ends

© Scoop Media