SA sees a rise of the 'slasher' career

The tough economic conditions in South Africa are driving more and more people to embrace the concept of working multiple jobs in order to make ends meet. This emerging trend of 'slashers' is becoming increasingly popular as individuals seek to pay off bills and save for the future. 'Slashers' are essentially individuals who juggle more than one job, with job titles that read like 'Editor - slash - Beautician.' This trend, highlighted by Old Mutual, reflects the reality of many South Africans who are feeling the financial squeeze amidst a challenging economic landscape. The economic situation in South Africa has been particularly difficult, with the country experiencing negative growth for two consecutive quarters, pushing it into a recession. John Manyike, Head of financial education at Old Mutual, emphasized that the tight economy has forced many South Africans to explore alternative sources of income. According to Manyike, 24% of people have taken on second jobs that are entirely different from their primary employment, indicating a growing interest in diversifying income streams. Manyike pointed out that for some individuals, these additional jobs are not just a means to an end, but a pursuit of their true passions. A notable finding is that entrepreneurs are increasingly using their own savings to start businesses rather than relying on loans, showcasing a trend towards self-funding ventures. This approach could be attributed to concerns over creditworthiness and a desire to avoid debt burdens when venturing into new business endeavors. The impact of 'slashing' on productivity in primary jobs remains a topic of concern, with Manyike suggesting that it could potentially affect individuals' work-life balance and lead to fatigue. Despite these challenges, the allure of supplementing income through alternate means is likely to continue growing, especially as traditional salary increases struggle to keep pace with inflation. Looking ahead, Manyike highlighted the evolving landscape of savings and financial management in South Africa. With the government facing fiscal constraints and a junk status economy, the Minister of Finance is under pressure to find sustainable solutions to address budget deficits. The possibility of tax hikes looms large as the government seeks ways to bridge the financial gap and stabilize the economy. As the trend of 'slashing' gains momentum in South Africa, the future of savings and income generation is set to undergo significant changes. The resilience of individuals navigating multiple jobs underscores the adaptability and resourcefulness of South Africans amidst economic uncertainties. The concept of 'hustling,' synonymous with pursuing multiple avenues of income, is likely to become more prevalent as individuals seek innovative solutions to financial challenges. In conclusion, the rise of the 'slasher' career reflects a shifting economic landscape in South Africa, where individuals are actively seeking ways to secure their financial futures. The trend of working multiple jobs, driven by economic realities, presents both opportunities and challenges for individuals striving to balance financial stability with personal fulfillment.