New research by Great Southern Bank has revealed that Australians are increasingly turning to side hustles to combat the pressures of rising living costs, with 67% of homeowners considering a side hustle, hobby or second job to help with their home loan repayments.

The trend is particularly prevalent among Baby Boomers with adult children at home, 39% of whom are happy for their children to stay indefinitely to cushion the cost-of-living crisis.

The research is part of Great Southern Bank's 'No Place Like Home' report series, which explores long-term financial security and sentiment shifts throughout the homeownership journey.

"The third phase of our ‘No Place Like Home’ report shows continued hope and resilience amongst Australian homeowners, despite current financial and economic pressures. It’s encouraging to see that they are using their entrepreneurial spirit to think about ways to boost their incomes and stay focused on paying off their home," said Chief Customer Officer at Great Southern Bank, Megan Keleher.

While 64% of Australians stating that their financial plans have been delayed by at least 12 months due to the economic climate, they remain confident in achieving their long-term financial goals. 62% of Australians feel their financial security is about the same, or better, than two years ago, and 40% of homeowners still feel very confident about achieving their long-term financial goals.

"We know many small business operators are also homeowners, so it is not surprising more Australians are considering side hustles or ideas for their own business. We want to help support their aspirations for business growth, financial security and ultimately home ownership, and recognise they are sometimes overlooked by the bigger banks. That’s why our Business app is specifically designed to support banking for small businesses like side hustlers, sole traders and micro small businesses," Keleher said.

The research also highlighted that Australians are taking a longer-term view of their financial goals, with many homeowners keen to help their family members achieve the long-term financial security that homeownership brings.

"More than before, we’re seeing would-be homeowners looking for ways to save money and achieve their financial goals, even if it means taking a longer-term view. Our research confirms many homeowners also want to be in a position to help their family members have the long-term financial security that homeownership brings," Keleher said.

Great Southern Bank, formerly known as Credit Union Australia or CUA, is one of Australia's largest customer-owned banks.